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Crude oil futures extend losses for third straight session on Friday

30 Dec 2023 Evaluate

Crude oil futures extended their losses for third straight session and settled lower on Friday amid easing concerns about supply disruptions. Oil prices fell sharply in previous session as some shipping companies said they would resume movements through the Red Sea, easing supply concerns. Major firms had stopped using Red Sea routes after Yemen's Houthi militant group began targeting vessels. However, geopolitical tensions in the Middle East continued to support prices. On Friday, Israel intensified its attacks in southern Gaza.

Benchmark crude oil futures for January delivery fell by 12 cents or 0.17 percent to settle at $71.65 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped by 11 cents or 0.14 percent to settle at $77.04 a barrel on London's Intercontinental Exchange.