Oil prices rise as tensions persist in Red Sea region

Benchmark oil prices rose on January 18 due to continued geopolitical tensions in the Red Sea region and a reduction in US oil production, reported from Interfax.

Quotes for March futures for Brent on the London ICE Futures exchange amounted to $78.1 per barrel, which is $0.22 (0.3%) higher than the level at the close of previous trading.

Futures prices for WTI oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) in the morning increased by $0.4 (0.55%) to $72.96 per barrel.

The price of oil was also affected by a reduction in production by 650,000-700,000 barrels per day in North Dakota as a result of cold weather. This state is one of the leading oil producers in the US.





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