The price of oil decreased by about 0.9%, while market participants continue to monitor geopolitical tensions in several regions, and also expect data on oil reserves in the United States. Meanwhile, the negative dynamics of the US currency provided some support for oil.
US and UK forces launched their latest attacks against eight Houthi targets in the latest effort to prevent the group from attacking commercial vessels in the Red Sea. Meanwhile, Libya restarted flows from its largest field after a halt. However, the returning supply may be offset by ongoing supply disruptions in the United States due to extremely cold weather. On Monday, up to 20% of North Dakota's oil production was still closed.
Experts warn that weather-induced shutdowns probably caused a drop in U.S. oil reserves last week. The American Petroleum Institute will present its report later today, and official data from the Energy Information Administration (EIA) will be released tomorrow. Economists expect the EIA to report a reduction in oil reserves by 3 million barrels. A week earlier, oil reserves fell by 2.492 million barrels.