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International benchmarks for crude oil experienced a dip on Tuesday, 23 January 2024 largely influenced by the rebound in crude output from various regions in the United States. The downward pressure was further fuelled by increasing supplies from oil-producing nations such as Libya and Norway. Despite escalating tensions in Europe and the Middle East, traders seemed to shift their focus towards the growing global supply, overshadowing potential risks to oil production.

Brent crude settled at $79.55/barrel, losing 51 cents/barrel, or 0.6%/barrel. 

WTI settled at $74.37/barrel, shedding 39 cents/barrel, or 0.5%/barrel.