Hong Kong — The oil market is drifting in snooze mode as investors await evidence of global supply curbs aimed at easing a glut. A measure of oil volatility in January averaged the lowest in more than two years and futures in New York have been stuck between $50 and $55 a barrel since the Organisation of the Petroleum Exporting Countries (Opec) and other producing nations agreed on December 10 to reduce output. Price estimates compiled by Bloomberg show crude will average $52 during the first quarter of this year, rising to $58 in the last three months of 2017. Oil slumped to a 12-year low early in 2016 and whiplashed between bull and bear markets before firming on the supply agreement between Opec and 11 nonmembers. Signs of compliance may come from Opec’s monthly report on February 13, while the International Energy Agency will update its measure of global inventories on February 10. "When we start to see some data come through in February, it may ignite the market a little bit mo...
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