WTI oil price falls close to $75, alleviating concerns over Red Sea crisis

2023-12-27 19:12:00

WTI oil price falls close to $75, alleviating concerns over Red Sea crisis

InfoQuest – WTI oil prices fell to near the 75 level after reports that cargo ships would begin to resume sailing in the Red Sea.

As of 7:47 p.m. Thai time, the price of West Texas crude oil (WTI) for February delivery dropped 44 cents, or 0.58%, to reach 75.13 dollars/barrel.

Maersk, a major Danish shipping company; CMA CGM, a major French shipping company; and Hapac-Lloyd Company (Hapag-Lloyd) of Germany has announced that it will resume sailing in the Red Sea. This comes after the United States and more than 10 partner countries launched Operation Prosperity Guardian to protect shipping lanes in the Red Sea from Houthi attacks.

The news caused WTI oil prices to drop after rising more than 2% yesterday on reports that Houthi rebels used missiles to attack the commercial ship MSC United after the ship refused to change course. Even though there were 3 warnings

Markets will be keeping an eye on the American Petroleum Institute’s (API) crude oil inventory release today ahead of the U.S. Energy Information Administration’s (EIA) release tomorrow.

Click to read the original news from InfoQuest.

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