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Crude Hovers Near Intraday Low

OIL

Crude markets have fallen back to around their intraday lows, as the market eases back from yesterday’s surge. However, crude prices remain above closing levels Dec. 22. The situation in the Red Sea continues to drive market volatility.

  • WTI FEB 24 down -1.7% at 74.32$/bbl
  • WTI-Brent up 0.03$/bbl at -5.49$/bbl
  • WTI FEB 24-MAR 24 down -0.04$/bbl at -0.18$/bbl
  • WTI MAR 24-APR 24 down -0.06$/bbl at -0.14$/bbl
  • Prices spiked Dec. 26 after Yemen’s Houthi rebels attacked the MSC United VIII container vessel that was headed for Pakistan.
  • Despite ongoing attacks, major shipping firms such as Maersk and CMA CGM said they were resuming passage through the Red Sea following the deployment of a multinational task force to the region.

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