Key Points
- Brent crude futures for March 2026 delivery exceeded $63 per barrel for the first time since December 8, according to data from the ICE London exchange.
- At 00:23 Moscow time, Brent crude rose 1.66% to $63.02 per barrel, later retreating to $62.56 by 11:40 AM, still up 0.92% from the previous close.
- West Texas Intermediate (WTI) futures for February 2026 delivery increased by 0.9% to $58.28 per barrel.
- The rise signals continued upward momentum in global oil prices amid expectations of stronger demand.
- Investors are closely watching supply and demand dynamics across Asia, Europe, and North America, contributing to market volatility.
- This development occurs against a backdrop of fluctuating energy markets influenced by geopolitical tensions and economic recovery signals.
London (North London News) January 10, 2026 – Brent crude futures for March 2026 delivery surged past $63 per barrel for the first time in a month, marking a notable uptick in global oil prices as reported by the ICE London exchange. The benchmark contract climbed 1.66% to $63.02 at 00:23 Moscow time before easing slightly to $62.56 by 11:40 AM, retaining a 0.92% gain over the prior session. Meanwhile, West Texas Intermediate (WTI) futures for February 2026 delivery advanced 0.9% to $58.28 per barrel, underscoring broader market optimism for demand growth.
Why Did Brent Crude Prices Rise Above $63 per Barrel?
The upswing in Brent crude reflects heightened investor confidence in global energy demand, particularly as economies stabilise post-holiday periods. Data from the ICE London exchange confirms the March 2026 contract first breached the $63 mark since December 8, peaking at $63.02 early in the session. This movement aligns with anticipations of robust consumption in key regions, though prices moderated later amid profit-taking.
As per exchange records, the 1.66% intraday gain at 00:23 Moscow time highlighted initial bullish sentiment, with the contract settling at $62.56 by 11:40 AM. This volatility exemplifies the energy sector’s sensitivity to real-time trading dynamics. Parallel gains in WTI, up 0.9% to $58.28, reinforce the trend across major benchmarks.
What Triggered the 1.66% Surge in Brent Crude?
Market participants attribute the early spike to positive signals from Asian demand forecasts and steady European refining activity. The ICE London exchange data pinpoints the exact timing at 00:23 Moscow time, when Brent reached $63.02, a level unseen since early December. This breakthrough followed a period of consolidation, buoyed by expectations of increased industrial output in North America.
By 11:40 AM, the price had pulled back to $62.56, yet the 0.92% net rise compared to the previous close indicates sustained upward pressure. Traders note that such intra-day fluctuations are common in volatile commodities markets. The synchronized WTI advance to $58.28 further validates the global scope of this rally.
How Does WTI’s Performance Compare to Brent Crude?
West Texas Intermediate futures for February 2026 delivery mirrored Brent’s trajectory, posting a 0.9% gain to $58.28 per barrel. This parallel movement underscores interconnected pricing across Atlantic Basin benchmarks, with both contracts benefiting from shared demand outlooks. Brent’s higher premium, often due to its lighter, sweeter profile, maintained its lead at $62.56 by late morning.
The modest WTI uptick reflects North American production stability alongside export growth to Europe and Asia. Investors view these gains as indicative of balanced supply chains, despite ongoing geopolitical risks. Exchange data confirms both markers closed higher, signalling broader market resilience.
What Role Do Global Demand Expectations Play in This Rally?
Anticipation of rising consumption in Asia, Europe, and North America drives the current price momentum, with analysts pointing to post-winter recovery in travel and manufacturing. The Brent contract’s breach of $63 for the first time since December 8 aligns with revised upward demand projections from major forecasters. This optimism tempers supply concerns from OPEC+ producers.
Trading patterns show early enthusiasm waning slightly, as evidenced by the retreat from $63.02 to $62.56. Yet the 0.92% daily gain persists, bolstered by WTI’s steady climb. Market watchers emphasise that demand signals from these regions often dictate short-term volatility.
Why Are Energy Markets Experiencing Heightened Volatility?
Global energy markets remain prone to swings due to multifaceted supply-demand interplay, exacerbated by seasonal factors and policy shifts. The ICE London figures illustrate this, with Brent’s rapid ascent and partial reversal within hours. Investors monitor output decisions from key producers alongside consumption trends across continents.
The 1.66% early rise to $63.02 captured bullish bets, while the later dip to $62.56 reflects cautious repositioning. WTI’s 0.9% advance to $58.28 adds to the narrative of tentative recovery. Such patterns highlight the sector’s responsiveness to real-time economic data.
When Did Brent Last Hit $63 per Barrel Before This Surge?
The previous occasion was December 8, after which prices languished amid demand uncertainties. Today’s crossing of $63 for March 2026 futures marks a psychological threshold, per ICE London exchange data. The timing coincides with early 2026 trading, as markets digest year-end inventories.
At 00:23 Moscow time, the contract touched $63.02, up 1.66%, before easing. By 11:40 AM, $62.56 represented a 0.92% improvement. WTI’s parallel path to $58.28 reinforces the benchmark’s resurgence.
What Factors Are Investors Monitoring Across Regions?
Focus remains on Asia’s industrial rebound, Europe’s refining margins, and North America’s shale dynamics. These areas collectively shape demand forecasts underpinning the rally. Brent’s movement from $63.02 back to $62.56 encapsulates intra-session adjustments to fresh data.
The 0.92% net gain, alongside WTI at $58.28, suggests equilibrium. Observers track export flows and stockpile reports for sustained direction. Regional balances often dictate whether gains endure beyond initial spikes.
How Might This Price Movement Impact Consumers and Economies?
Higher Brent levels could filter through to fuel costs, affecting transport and heating bills globally. The $62.56 close, up 0.92%, hints at modest pump price pressure ahead. WTI’s $58.28 level similarly influences US motorists.
Economies reliant on oil imports may face inflationary nudges, while producers benefit from revenue boosts. Demand expectations from Asia and Europe amplify these effects. Markets await confirmation of this trend’s longevity.
What Lies Ahead for Oil Prices Post-Surge?
Analysts anticipate continued scrutiny of inventories and output quotas, with today’s action setting a bullish tone. Brent’s first $63 breach since December 8, peaking at $63.02, signals potential for further tests. The pullback to $62.56 tempers immediate exuberance.
WTI at $58.28 aligns with this cautious optimism. Volatility persists as traders weigh geopolitical overlays. Long-term, demand growth remains the pivotal driver.
This episode underscores oil’s role as a barometer for global economic health, with every tick monitored intently. The ICE London exchange’s precise timings—from 00:23 Moscow’s high to 11:40 AM’s settle—provide a factual anchor amid speculation. As Brent and WTI edge higher, stakeholders from refiners to policymakers prepare for ripple effects across energy-dependent sectors.
