Oil prices mixed amid economic concerns

Economy

16-01-2024, 08:49

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INA-sources

Oil prices were mixed on Tuesday, after losses in the previous session, as markets weighed broad economic concerns against weather-related U.S. demand-supply issues and continued tensions in the Middle East that led to more tanker diversions.

Brent crude futures rose 5 cents, or about 0.06%, to $78.20 a barrel at 0334 GMT. The contract had earlier settled 14 cents lower on Monday.

U.S. West Texas Intermediate crude was down 20 cents, or 0.28%, at $72.48 per barrel after a U.S. public holiday on Monday.

Oil prices rose 2% last week in response to the rising conflict in the region, but the lack of direct impact on oil production could be limiting gains, according to analysts.

Source: Reuters