Oil market continued to rally on Red Sea tension; China’s record oil imports

Oil prices gained 1% on the preceding Friday, 12 January 2024 - a direct consequence of overnight air and sea strikes executed by the United States and Britain. These targeted Houthi positions in Yemen in direct response to the group's disruptive attacks on shipping in the region. 

Also supporting the hikes was the latest report showing China as a major force in the global energy market in 2023 by acquiring record levels of crude oil. The country imported an average of 11.28 million barrels of crude oil per day last year, up 11% compared to 2022.

Brent futures settled 88 cents or 1.1% higher at $78.29/barrel. 

WTI climbed 66 cents or 0.9% to close at $72.68/barrel.