2024-02-20T04:37:36+00:00
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/ Oil prices maintained gains near their highest level in more than three months after another strike by the Houthis in the Red Sea, as tensions continue in the main region for crude production and trade.
Brent crude futures were down 8 cents at $83.48 a barrel by 0133 GMT. U.S. West Texas Intermediate crude for April delivery was down 10 cents at $78.36 a barrel.
The March West Texas Intermediate crude contract rose 26 cents to $79.45 a barrel, as traders prepared for the contract to expire during the day.
Oil has been locked in a narrow $10-a-barrel range since the start of the year, as a competition between bullish and bearish factors has kept volatility at bay. Signs of weak demand — most notably from top importer China — have been offset by geopolitical tensions and efforts by the OPEC+ alliance to cut output.
OPEC+ and its allies are due to meet in early March to decide whether to extend output cuts into the second quarter. Iraq, OPEC’s second-largest producer, has pledged to improve its compliance with the curbs after the country completes a review of external estimates of its production, according to its oil minister.