Oil Updates News Today

Oil Updates: U.S. crude stocks fell by 6.67 million barrels in the week ended Jan. 19, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories, however, increased by 7.2 million barrels, stoking concerns over fuel demand in the worlds top oil consumer.

Oil Updates: Brent crude rose slightly on Tuesday while WTI fell as investors saw fundamentals weakening in the U.S. but the ongoing naval and air conflicts in the Red Sea increased concerns of tankers having to reroute to avoid the area, increasing costs and the amount of time for deliveries.

Oil Updates: Yemens Iran-backed Houthi group has since November been attacking vessels in the Red Sea, part of a route that accounts for about 12% of the worlds shipping traffic, in what they say is an effort to support Palestinians in the war with Israel.

Oil Updates: Nigeria is one of Africas top oil producers but imports refined petroleum products for its own use. The nations oil and natural gas sector has struggled for many years, and most of its state-run refineries operate far below capacity because of the poor maintenance.

Oil Updates: Despite existing US sanctions, Iran has been able to export oil. Analysts have said that China is a major buyer, and note that sanctions enforcement may be difficult for transactions that dont touch American financial markets, The Hill reported.

Oil Updates: Brent futures rose USD 1.96, or 2.28%, to USD 87.96 per barrel as of 0819 GMT. US West Texas Intermediate (WTI) crude gained USD 1.98, or 2.39%, to USD 84.89 a barrel. Both benchmarks had earlier hit gains of USD 2.

Oil Updates: Indian Petroleum and Natural Minister Hardeep Puri has stated that the Israel-Palestine conflict will not impact crude oil supplies to India. He assured that the government is closely monitoring the situation. Oil prices rose by about 3% to USD 87 per barrel due to the conflict, but they are still lower than the USD 95 per barrel reached two weeks ago.

Oil Updates: The oil slump has coincided with a steep drop in U.S. Treasury prices to 17-year lows, on concerns the U.S. Federal Reserve will keep rates higher for longer and growing worries about government spending and a ballooning budget deficit in the United States, the worlds top oil consumer.

Oil Updates: "But with investors now questioning the resilience of the global economy going into next year against the backdrop of higher interest rates for longer, that bullish bias in oil markets may become more balanced," said Craig Erlam, an analyst at OANDA.

"Crude oil prices have started the week on the front foot, as the market continues to digest Russias temporary ban on diesel and gasoline exports, into an already tight market, offset with the Feds hawkish message that rates will stay higher for longer," IG Markets analyst Tony Sycamore said.