Crude Oil Gains As Conflict In The Middle East Continued Over The Weekend.
Crude oil settled higher by 0.56%, closing at 6518, driven by ongoing conflict in the Middle East as Israeli raids affected the Gaza Strip’s infrastructure. The geopolitical tensions have contributed to the upward pressure on oil prices, reflecting concerns about potential disruptions in the region. North Dakota reported a decrease in oil production by 6,000 barrels per day in December, reaching 1.27 million bpd. Despite a record-high number of producing wells, oil producers scaled back hydraulic fracturing activity in anticipation of colder weather and holiday-related reductions in activity.
