WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Tuesday amid uncertainty about the outlook for global oil demand and supply, ahead of weekly inventory data.
According to reports, Libya has restarted production at the Sharara oilfield, which remained shut for about two weeks due to protests.
Meanwhile, oil output in North Dakota remains low due to extreme cold weather and operational issues, according to the North Dakota Pipeline Authority.
West Texas Intermediate Crude oil futures for March ended down $0.39 or about 0.5% at $74.37 a barrel.
Brent crude futures settled at $79.55 a barrel, down $0.51 or about 0.65%.
Geopolitical tensions remain in focus after U.S. and British forces conducted a fresh series of joint air strikes against Houthi targets in Yemen in a bid to protect the free flow of commerce.
The Iran-backed Houthis, who control the most populous parts of Yemen, have been targeting ships they say are linked to Israel and the West.
Markets await inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
The API report on inventory for the week ending January 19th is due later today, while the EIA data is due Wednesday morning.
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