Saturday 04 Jan
Oil prices edged higher Tuesdau but are poised to close out their second consecutive year of decline. This decline is attributed to a slowdown in post-pandemic demand recovery, coupled with China's struggling economy. Additionally, the United States and other non-OPEC producers have been pumping more crude into an already well-supplied global market, according to Reuters.
As of 12:48 p.m. EST (1748 GMT), Brent crude futures gained 70 cents, or 0.95%, to settle at $74.69 per barrel. West Texas Intermediate (WTI) crude futures climbed 79 cents, or 1.11%, to $71.78 per barrel.
The benchmark Brent crude contract is on track to decline by approximately 3.1% from its 2023 closing price of $77.04. In contrast, WTI crude futures have remained relatively unchanged compared to their year-end settlement.
