From Dow Jones & Company:

– Oil futures fell on Wednesday after reaching December highs, with WTI crude falling 1.9% to close at $74.11 a barrel and Brent crude declining 1.8% to settle at $79.65 a barrel.
– Concerns over potential disruptions to crude shipments in the Red Sea due to developments in the region, including an attack against the containership MSC United VIII and an attempt to attack Israel with drones by Yemen’s Iran-backed Houthi rebel militia, rattled investors.
– Demand concerns in China and a bearish “death cross” pattern on the charts added to the cautious sentiment in the market, with the potential for positive surprises in 2024 being low.

– Oil futures pulled back from December highs, as concerns over potential disruptions to crude shipments in the Red Sea due to recent developments in the region rattled investors.
– WTI crude fell 1.9% to close at $74.11 a barrel and Brent crude declined 1.8% to settle at $79.65 a barrel, while January natural gas rose 2.7% to finish at $2.619 per million British thermal units.
– Demand concerns in China, a bearish “death cross” pattern on the charts, and the potential for positive surprises in the market in 2024 added to the cautious sentiment among traders and investors.



Read more: Oil prices pull back from December highs, end lower as traders monitor Red Sea developments