2024-01-16T04:37:52+00:00
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/ Oil prices varied on Tuesday, after losses incurred in the previous session, as markets weighed widespread economic concerns in light of weather-related supply and demand issues in the United States and continuing tensions in the Middle East that led to more tankers being diverted.
By 03:34 GMT, Brent crude futures rose five cents, or about 0.06 percent, to $78.20 per barrel. The contract had previously settled down 14 cents on Monday.
US West Texas Intermediate crude fell 20 cents, or 0.28 percent, to $72.48 a barrel after a public holiday in the United States on Monday.
Asian stocks fell to the lowest level in a month, US stock futures fell and the dollar rose on Tuesday, as hawkish statements from central bank governors reduced expectations for an interest rate cut, ahead of the economic outlook speech delivered by Christopher Waller of the US Federal Reserve at 16:00: 00 today GMT.
Oil production in North Dakota has already declined by 400,000 to 425,000 barrels per day due to extreme cold and operational issues.
In the Middle East, an official from the Iran-allied group said on Monday that the Yemeni Houthi movement would expand its targets in the Red Sea region to include American ships, and pledged to continue attacks after American and British strikes on its positions in Yemen. Yemen.
More oil tankers were turned away from the southern Red Sea on Monday due to the unrest, increasing the cost of shipping and the time it takes to move oil from one place to another.
Oil prices rose 2% last week in response to growing conflict in the region, but the lack of a direct impact on oil production may limit gains.