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Oil market settled higher on lower US oil production forecastInternational benchmarks for crude oil extended the firming trend on Tuesday, 6 February 2024 after the Energy Department cut oil output forecasts in the US to 170,000 bpd this year from 290,000 bpd. |
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International benchmarks for crude oil extended the firming trend on Tuesday, 6 February 2024 after the Energy Department cut oil output forecasts in the US to 170,000 bpd this year from 290,000 bpd. The report initially pushed global oil prices more than $1/barrel higher, however, the market gave up some of the gains on the possibility of a lengthy cease-fire in the Gaza War.
Brent added 60 cents to close at $78.59/barrel.
WTI gained 53 cents to settle at $73.51/barrel.
