Oil futures are little changed as the market shrugs off political tensions in the Mideast and continuing attacks on Red Sea shipping.
“We think the lack of disruption to oil supply explains much of the sanguine response in the oil market,” says Caroline Bain, chief commodities economist at Capital Economics, in a report.
Concerns about soft global oil demand and strong non-OPEC production are other factors keeping prices from rallying, although “we are less downbeat than many market participants on the outlook for demand,” Bain adds.
WTI for February delivery settles down 0.4% at $72.40 a barrel, and March Brent edges up 0.2% to $78.29. – Barrons
