Brent crude futures reversed earlier gains and fell almost 1% to below $87 per barrel on Friday, as prospects of still strong Russian supply offset better-than-expected Q4 US GDP numbers and hopes of continued demand recovery in top crude importer China. Oil loadings from Russia’s Baltic ports are set to rise by 50% from a month earlier in January as sellers try to meet strong demand in Asia and benefit from rising global energy prices. Traders noted that Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January. Meanwhile, OPEC is expected to maintain current oil production levels when they meet next, keeping supply tight. For the week, the US oil benchmark is down more than 1%. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. Trading Economics