Oil prices marginally fell following a predicted increase in US crude output

International benchmarks for crude oil concluded at slightly lower levels on Tuesday, 12 March 2024 following a report from the Energy Information Administration (EIA) that raised the forecast for local crude oil production in the US to 13.19 million barrels per day in 2024.

The impact on the pricing, however, was limited by lingering concerns over the political stability in the Middle East.

Brent futures reduced by 29 cents to settle at $81.92/barrel.

WTI decreased 37 cents to settle at $77.56/barrel.