US crude draws maintain prices

Brent prompt prices stayed at 61$/b on Monday and early Tuesday led by a drop in US crude oil inventories of 3.5 mb, according to the API survey. Indian fuel demand saw its first monthly decline in January, led by jet fuel losses. Indian refining runs should be slightly lower than 5 mb/d in January. Exxon will be closing a refinery in Australia despite government support, as competition in the Asian refining space remains fierce. The Saudi economy shrank by 3.8% in Q4 20, as crude oil production restriction and mobility restriction hampered growth.