There has been a decline in the prices of Brent Oil and WTI

By PortalPortuario Editorial Staff/Reuters Agency

@PortalPortuario

prices of petroleum fell on either Tuesday, January 23 brent one of two West Texas Intermediate (WTI)Giving up some of the previous day’s gains, as traders took note of the increase in crude oil supplies Libya And norway with production cuts State got included in and geopolitical tensions.

crude oil futures brent At 1441 GMT they were down 58 cents, or 0.72%, at $79.48 a barrel. crude oil futures wti The United States fell 45 cents, or 0.6%, to $74.31 a barrel.

Brent again fell below $80 a barrel after rising above the range on Monday the 22nd for the first time since December 26, 2023.

Oil futures remain volatile as uncertainty remains around various supply and demand indicators.

“Traders are assessing the economic outlook, interest rates, OPEC+ and the risk of supply disruption as a result of developments in the Red Sea. “We are no more clear about this than we were a few weeks ago,” said OANDA Analyst Craig Erlam,

Crude oil prices rose nearly 2% on Monday the 22nd after a Ukrainian drone attack on a fuel export terminal. Ust-Luga port Of NovatekNear St. Petersburg, concerns about supplies will increase.

According to the report, the drone strike was a “timely reminder that a larger and more impactful war is still being fought”. PVM Analyst John Evans,

Tension also increased in half EastWhere American and British forces carried out the second joint attack against Houthi targets in Yemen on the night of Monday 22nd.

Norway’s crude oil output rose to 1.85 million barrels per day (bpd) in December 2023, up from 1.81 million bpd last month and beating analysts’ forecast of 1.81 million bpd. Norwegian Maritime Directorate (NOD),

In Libya, production at the 300,000 bpd Sharara oil field resumed on January 21, following the end of protests that had halted output since earlier this month.

Supply is limited in the United States. Up to 20% of North Dakota’s oil production was still shut down on Monday the 22nd, the state pipeline authority said.

The weekly US report said crude oil inventories may have declined due to weather-related shutdowns last week. American Petroleum Institute (API) On Tuesday the 23rd, Evans of PVM was added.

A Reuters survey suggested US crude oil inventories would fall by about 3 million barrels in the week to January 19.