Crude oil faced a decline of -1.39%, settling at 6178, as traders grappled with contrasting factors of rising crude supply in Libya and Norway against production outages in the United States and geopolitical tensions. Norway's crude production exceeded expectations, rising to 1.85 million barrels per day (bpd) in December, compared to the previous month's 1.81 million bpd, as reported by the Norwegian Offshore Directorate (NOD). The International Energy Agency (IEA) raised its 2024 global oil demand growth forecast, predicting an increase of 1.24 million bpd, in contrast to OPEC's projection of 2.25 million bpd. Crude stocks at the Cushing, Oklahoma, delivery hub also decreased by 2.1 million barrels. Crude oil finds support at 6109, and breaking below could test 6040 levels.
