PT Solid Gold Berjangka | Oil Prices Pull Back from December Highs as Traders Monitor Red Sea Developments

01:34 28 December in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

Minyak Oil, PT SGB Solid Group SG Berjangka Solid Gold Berjangka

Solid Gold Berjangka | Oil futures pulled back from December highs early Wednesday as investors continued to monitor developments in the Red Sea amid worries over potential disruptions to crude shipments.

West Texas Intermediate crude for February delivery fell 53 cents, or 0.7%, to $75.04 a barrel on the New York Mercantile Exchange.February Brent crude , the global benchmark, declined 45 cents, or 0.6%, to $80.62 a barrel on ICE Futures Europe. January gasoline fell 0.1% to $2.169 a gallon, while January heating oil was off 0.2% at $2.662 a gallon.January natural gas rose 4.5% to $2.664 per million British thermal units.

Oil rose to December highs on Tuesday after Yemen’s Iran-backed Houthi rebel militia claimed responsibility for a missile attack against the a containership MSC United VIII, and for an attempt to attack Israel with drones.

The attacks rattled investors, coming after the U.S. last week announced the formation of a naval coalition to address attacks in the region. Crude had initially saw pressure on Tuesday after shipping company Maersk over the weekend said it would resume shipments via the Red sea.

The concerns saw WTI clear resistance in the $74-$75 a barrel range on Tuesday, though the “bullish market reaction” looks relatively weak given the potential for disruption, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a note.

Source : MarketWatch