Oil prices stabilise as Red Sea transport disruptions ease
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Oil prices steadied on Thursday after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise.
Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
28 Dec 2023
Brent crude futures inched up 2 cents to $79.75 a barrel by 0736 GMT, while U.S. WTI crude futures were trading 3 cents lower at $74.08 a barrel. Prices dropped nearly 2% on Wednesday as major shipping firms began returning to the Red Sea.
«Concerns about shipping in the Red Sea have eased, but continued worries about tensions in the Middle East, especially on Iran's involvement in the region, make it difficult to sell further,» said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
«The market is likely to try the upside again… maybe in the early new year, also on expectations of a recovery in fuel demand thanks to monetary easing in the United States and higher kerosene demand during the winter in the northern hemisphere,» he said.
Danish shipping company Maersk said it has scheduled several dozen container vessels to
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