IEA, OPEC alert on variant surge

Brent prompt futures retreated to 60.7 $/b after the publication of the two monthly reports from OPEC and the IEA, showing a slower recovery than expected in January. The threat of strikes on Troll and Johan Sverdrup fields in Norway is pushing North sea crude differentials higher. Gasoline prices in Europe continued to drop, as inventories in the ARA region showed another 1.3 mb build.