29.12.202319:10:00UTC+00Crude Oil Moves Modestly Lower, Extending Recent Pullback

Following the sharp pullback seen over the two previous sessions, the price of crude oil saw further downside during trading on Friday.

Crude for February delivery rose as high as $72.62 a barrel in early trading but turned lower to end the day down $0.12 or 0.2 percent at $71.65 a barrel.

The modest decrease came after the price of crude oil plunged by $3.80 a barrel over the two previous sessions amid easing concerns about supply disruptions.

The steep drops on Wednesday and Thursday came following several shipping companies announced their decision to resume transit via the Red Sea.