Oil settled lower on a report of higher oil shipments from Russia

International benchmarks for crude oil ended the trading session on Friday, 27 January 2023 lower on a loosening supply outlook following industry experts’ estimation that oil shipments from Russia’s Baltic ports are set to rise by 50% in January. The report offset the stronger-than-expected US GDP data for the fourth quarter of 2022, which showed a 2.9% growth.

Brent inched 81 cents lower to $86.66/barrel.

WTI fell $1.33 or 1.6% to close at $79.68/barrel.