Oil prices mixed, Brent below $78

Oil drilling rigs

Oil prices closed mixed today, Jan. 17, after OPEC forecast oil demand to rise by 2.25 million barrels per day this year and as China’s economic growth hit 5.2% in Q4 2023—below the expected 5.3%.

International benchmark Brent crude fell 0.5%, or 41 cents, to close at $77.88 a barrel. West Texas Intermediate (WTI) crude rose 0.2%, or 16 cents, to $72.56 a barrel.

Vincent Clerc CEO of Danish shipping giant Maersk said the disruption to global shipping traffic in the Red Sea may continue for at least a few months.

The monthly oil report by the Organization of the Petroleum Exporting Countries (OPEC) showed that total commercial oil inventories in OECD countries increased by 7.3 million barrels month-on-month to 2.81 billion barrels in November. The average price of the basket of crude oils decreased to $79 per barrel in December.

The American Petroleum Institute's report on oil inventories is scheduled for later today, and the US Energy Information Administration will issue official data on inventories on Jan. 18, amid expectations that crude inventories will increase by 400,000 barrels.