Oil trims losses, Brent settles above $81

16/01/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices pared losses on Thursday as markets assessed a statement from Treasury Secretary nominee Scott Bessent, stating that the US is ready to impose stronger sanctions on Russian oil companies.

 

Brent crude futures for March delivery fell 0.9%, or $0.74, to $81.29 a barrel.

 

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for February delivery lost 1.7%, or $1.36, to $78.68 per barrel.

 

Bessent said the US is ready to impose stronger sanctions on Russian oil companies to strengthen its negotiating position with Ukraine, criticizing the Biden administration for a sanctions regime he said isn't "muscular" enough.

 

Maritime security officials said they expect Yemen's Houthi militia to announce a halt in attacks on ships in the Red Sea, after a ceasefire deal between Israel and Hamas, according to Reuters.

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