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International benchmarks for crude oil inched slightly higher on Tuesday, 31 January 2023 as the US dollar weakened after data showed labour costs increased at their slowest pace in a year while investors expect the FED to increase the key interest rate by just 25-basis point in the next meeting. The market also gained support from reports that demand for US crude rose 178,000 bpd in November.

Brent for the second-month contract increased 96 cents to close at $85.46/barrel.

The less active front-month Brent contract, however, fell 41 cents to close at $84.49/barrel.

WTI gained 97 cents to settle at $78.87/barrel.