Oil prices stable as economic headwinds offset Red Sea disruptions

Oil
By Editor_1
By Georgina McCartney

HOUSTON – Oil prices were little changed in the first session of the New Year, as the impact of economic headwinds unravelled gains from potential disruptions to supply due to tensions in the Red Sea.

Brent crude was down 6 cents, or 0.1%, to $76.98 a barrel at 15:52 GMT. US West Texas Intermediate crude was down 11 cents, or 0.2%, at $71.54, after both benchmarks gained around $2 in earlier trading.

“Oil markets got an initial lift-off of the attacks in the Red Sea but we have trouble sustaining those gains,” Tim Evans, an independent oil analyst, said.

US helicopters on Sunday (Dec 31) repelled an attack by Iran-backed Houthi forces on a container vessel operated by Danish shipper Maersk in the Red Sea. An Iranian warship had entered the Red Sea on Monday (Jan 1), according to the semi-official Tasnim news agency.

Maersk said it would decide on Tuesday (2) whether to resume sending vessels through the Suez Canal via the Red Sea or redirect them around Africa after the attack, a company spokesperson said.

A wider conflict could close crucial waterways for oil transportation.

Meanwhile, traders tempered expectations around interest-rate cuts this year, holding back oil price gains. A stronger dollar also weighed on prices.

A Reuters survey of economists and analysts predicted that Brent crude would average $82.56 a barrel this year, up slightly from the 2023 average of $82.17, with weak global growth expected to cap demand. Geopolitical tensions, however, could provide price support.

In China, investor expectations of economic stimulus measures rose after manufacturing activity shrank for a third month in December, government data showed on Sunday.

Any such stimulus could boost oil demand and support crude prices.

-Reuters

 

Editor_1
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