Oil continues to rise as geopolitics dominates concerns about demand.
Oil continues to rise as geopolitics dominates concerns about demand. Written by Natalie Grover 22 January 2024, 7:08 p.m. Source reuters.com January 22, London (Reuters) - Oil prices increased on Monday as traders balanced the effects of the hostilities in the Middle East and Ukraine on the supply of oil against the pressures from economic headwinds on the demand for oil around the world. By 1141 GMT, Brent crude had gained 22 cents to $78.78 per barrel. In choppy trading, the front-month U.S. West Texas Intermediate crude futures contract for February delivery saw a 31-cent increase to $73.72 a barrel. The contract expires on Monday. At $73.51, the more actively traded March WTI contract was up 26 cents. "This morning's subdued reopen speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," Tony Sycamore, an a