2023.12.2711:48:00UTC+00Crude Oil Prices Slip After Tuesday's Surge

Crude oil prices slipped in Wednesday's trade after a massive surge a day earlier amidst supply disruptions in the Red Sea. Geopolitical tensions triggered by the Israel-Hamas war, the Houthi attacks in the Red Sea as well as the filling of the Strategic Petroleum Reserve by the U.S. had caused crude oil prices to jump on Tuesday.

Brent Oil Futures for March settlement is currently trading at $80.44, having slipped 0.51 percent from the previous close of $80.85. The day's trading ranged between $81.02 and $80.22, versus the 52-week trading that ranged between $70.06 and $97.69.

West Texas Intermediate Crude Oil Futures for February settlement also dropped 0.50 percent from the previous close of $75.57 to trade at $75.19. Prices ranged between a high of $75.65 and a low of $74.91. The 52-week trading range was between $63.64 and $95.03.

Markets in the meanwhile wait for the data on change in crude oil inventories during the week ended December 22, due to be released by the American Petroleum Institute later in the day. Stocks of crude oil in the U.S. had increased by 0.939 million barrels in the previous week.

Official data for the same period by the U.S. Energy Information Administration due on Thursday is expected to show a reduction of 2.6 million barrels, as compared with the addition of 2.91 million barrels in the previous week.