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Oil settled lower due to profit taking; limited impact from Red Sea tensionInternational benchmarks for crude oil ended the trading session on Monday, 15 January 2024 slightly lower as traders took profit following a 2% hike in the previous week. |
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International benchmarks for crude oil ended the trading session on Monday, 15 January 2024 slightly lower as traders took profit following a 2% hike in the previous week. The movement was mainly driven by the realization that the global oil supply has not been adversely impacted by the Red Sea tension.
Brent crude futures settled down 14 cents/barrel or about 0.2% at $78.15/barrel.
There was no settlement for WTI due to a holiday in the US.
