Oil prices steady amid US economic concerns despite Red Sea worries
Kyiv • UNN
Brent crude futures rose to $75.92 and WTI fell to $70.36; markets are balancing between US economic problems and the risks of supply through the Red Sea.
On Wednesday, futures for Brent crude oil for March delivery rose to $75.92 per barrel during trading, UNN reports citing trading data.
According to Bloomberg, as of 8:58 a.m., the price of Brent crude oil futures rose by 0.04%.
At the same time, the price of February futures for WTI fell to $70.36 per barrel, losing 0.03%.
Details
Oil prices stabilized in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the US economy and potential supply disruptions due to ongoing tensions in the Red Sea, Reuters reports.
At the beginning of the week, oil prices rose by about $2 after Houthi rebel attacks on ships in the Red Sea last weekend and the reported arrival of an Iranian warship on Monday. A wider conflict could close important waterways for oil transportation and disrupt trade flows.
However, in the previous session, the market fell as optimism for early and aggressive interest rate cuts in the US faded ahead of the release of Federal Reserve and employment data.
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