Oil jumped 3% on strong US economy, Red Sea crisis
International benchmarks for crude oil extended the firming trend on Thursday, 25 January 2024, gaining another 3% on faster-than-expected US economy growth in the last quarter
International benchmarks for crude oil extended the firming trend on Thursday, 25 January 2024, gaining another 3% on faster-than-expected US economy growth in the last quarter, coupled with escalating tensions in the Red Sea that continued to disrupt global trade.
Brent crude futures settled up $2.39/barrel, or 2.99%/barrel, at $82.43/barrel.
WTI gained $2.27/barrel, or 3.02%/barrel, to close at $77.36/barrel.