Crude oil futures traded lower on January 24 morning amid an increase in the global supply of the energy commodity. At 9.54 am on January 24, March Brent oil futures were at $79.44, down by 0.14 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $74.28, down by 0.12 per cent. Various reports showed increase in crude oil supply in the global market. Market reports also said that there was increase in crude oil output from Norway. Meanwhile, data American Petroleum Institute (API) indicated decline in crude oil inventories in the US for the week ending January 19.

Source: The Hindu January 24, 2024 14:58 UTC