Oil market settled higher on lower US oil production forecast
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.
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.