2024-01-16T04:37:52+00:00
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/ Oil prices were mixed on Tuesday, after losses incurred in the previous session, as markets weighed broad economic concerns against weather-related supply and demand issues in the United States and ongoing tensions in the Middle East that have led to the diversion of more tankers.
Brent crude futures were up 5 cents, or about 0.06 percent, at $78.20 a barrel by 0334 GMT. The contract had earlier settled down 14 cents on Monday.
U.S. 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 a one-month low, U.S. stock futures fell and the dollar rose on Tuesday as hawkish comments from central bankers dampened expectations for interest rate cuts, ahead of the Federal Reserve’s economic outlook speech at 16:00 GMT today.
North Dakota oil production has already fallen 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-aligned group said on Monday that Yemen’s Houthi movement would expand its targets in the Red Sea region to include American ships, and vowed to continue attacks after US and British strikes on its sites in Yemen.
More oil tankers were diverted away from the southern Red Sea on Monday due to the unrest, increasing shipping costs and the time it takes to move oil from one place to another.
Oil prices rose 2% last week in response to the growing conflict in the region, but the lack of a direct impact on oil production could limit gains.