empty
 
 

2023.12.2819:13:00UTC+00Oil Futures Settle Sharply Lower On Easing Concerns About Trade Disruptions

Crude oil prices fell sharply on Thursday amid easing concerns about trade disruptions after several shipping companies announced their decision to resume transit via the Red Sea.

West Texas Intermediate Crude oil futures for February ended down $2.34 or 3% at $71.77 a barrel.

Brent crude futures for March dropped about 3% to $77.15 a barrel.

Denmark shipping giant Maersk said it will route nearly all of its container vessels through the Suez Canal, and divert only a few around Africa.

France's CMA CGM reported earlier in the week that it has increased the number of vessels traveling through the Suez Canal.

Oil prices found some support after data from U.S. Energy Information Administration (EIA) showing crude stockpiles fell by nearly 7 million barrels in the week ended December 22, as against an expected drop of 2.7 million barrels.

Gasoline stocks dropped by 0.575 million barrels last week, as against a 0.208 million barrels build, while distillate stockpiles increased 0.833 million barrels, compared with expectations of an increase of 0.6 million barrels.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback