Oil prices inched up Tuesday, as traders weighed production outages in the US and tensions in the Middle East and Europe against rising crude supply in Libya and Norway.
Brent crude futures were up 30 cents, or 0.4%, to $80.36 a barrel at 1618 GMT. US WTI crude futures gained 46 cents, or 0.6%, to $75.22 a barrel.
In the ME, tensions rose the morning after US and British forces carried out a second joint round of strikes on Houthi positions in Yemen. “Traders weigh up economic prospects, interest rates, OPEC+ and the risk of supply disruptions as a result of events in the Red Sea,” OANDA analyst Craig Erlam said. “We’re no clearer on any of these than we were a few weeks ago.”
Read Bracing for high oil prices: challenges in 2024
Supply constraints in the US also boosted prices. More than 20% of North Dakota’s oil output remained shut in due to cold weather and operational challenges, the state’s pipeline authority said.
Weather-induced shutdowns could deplete crude inventories reported on Tuesday by API, PVM analyst John Evans said.
Published in The Express Tribune, January 24th, 2024.
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