Oil prices settle down 3% as Red Sea shipping disruptions ease

 BENGALURU (Reuters) -Oil prices fell 3% on Thursday as more shipping companies said they were ready to transit the Red Sea route, easing concerns about supply disruptions as Middle Eastern tensions stay elevated.


The more active Brent crude futures for March delivery settled down $2.39, or 3%, at $77.15. Brent futures for February delivery, which expired after settlement, fell 1.3% to $78.39 a barrel.

U.S. West Texas Intermediate crude futures fell by $2.34, or 3.2%, to $71.77 a barrel. On Wednesday, oil prices dropped nearly 2% as major shipping firms began returning to the Red Sea.

Denmark’s Maersk will route almost all container vessels sailing between Asia and Europe through the Suez Canal from now, and divert only a handful around Africa, a Reuters breakdown of the group’s schedule showed on Thursday.

https://www.globalbankingandfinance.com/oil-prices-settle-down-3-as-red-sea-shipping-disruptions-ease/

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