Oil edges lower at close

Oil drilling rigs

Oil prices closed lower today, Jan. 23, following a volatile session as geopolitical tensions in the Middle East continued to weigh, coinciding with the disruption of supplies in the third largest oil-producing US state due to cold weather.

Brent crude for March delivery fell 0.65%, or 51 cents, to settle at $79.55 per barrel, after rising to $80.43 during trading.

WTI crude for March delivery (the most active) lost 0.5%, or 39 cents, to $74.37 a barrel, after touching $75.25 during the session.

American and British forces carried out eight attacks on targets in Yemen last night, targeting storage sites used by the Houthis, with the aim of achieving stability in the Red Sea.

The American Petroleum Institute's report on US oil inventories is expected to be issued later today, and the Energy Information Administration is scheduled to issue official data on inventories on Jan. 24, amid expectations that stockpiles will fall by 1.2 million barrels.