2024-01-10 22:30:30
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Published on: Thursday, January 11, 2024 – 12:29 AM | Last updated: Thursday, January 11, 2024 – 12:32 AM
Crude oil futures prices lost significant gains in Wednesday’s trading, following announcing a rise in crude oil stocks in the United States last week, contrary to expectations.
The price of West Texas Intermediate crude, which is the standard crude for American oil, recorded a slight change following announcing a rise in inventories by 1.34 million barrels, which is the largest weekly increase since mid-last December.
Bloomberg News Agency indicated that crude prices rose by 1.9% this morning, following the Yemeni Houthi group launched more attacks on commercial ships in the Red Sea, although there were no casualties or damage.
The Houthis continue their attacks under the pretext of preventing ships linked to Israel from passing through the Bab al-Mandab Strait and the Red Sea in response to the occupying state’s war in the Gaza Strip, despite the United States and a number of allied countries deploying their warships in the region to prevent attacks within the framework of what is known as Operation “Guardian of Prosperity.” .
The price of oil moved during the past month within the range of $5, up or down to the dollar, while traders evaluate the market’s prospects during the coming months, in light of the various developments that drive chaos in the Middle East, the closure of the largest oil field in Libya, and the decision of the OPEC Plus grouping of exporting countries. Oil production reduced prices higher, while fears of declining energy demand pushed prices lower.
By 10:57 a.m. New York time, West Texas Intermediate crude oil was trading at $72.27 per barrel for delivery next February, while the price of Brent crude, the international oil standard, fell by 0.1% to $77.48 per barrel for delivery next March.
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