Overview
- Brent traded near $64 and WTI hovered around $59 as Tuesday’s session opened, with the expiring February WTI contract up from Friday’s close after a U.S. market holiday.
- Easing Iran-related tensions following a deadly crackdown reduced expectations of supply disruption, even as U.S. forces continued deployments to the Gulf.
- Official data showed U.S. crude inventories rose by 3.4 million barrels in the week to Jan. 9, defying forecasts for a draw and reinforcing bearish supply pressures.
- Traders evaluated President Trump’s tariff threats over Greenland that weakened the dollar, a move analysts said lent some support to oil prices.
- Attention stayed on Venezuela with Washington moving to expand Chevron’s license and Vitol offering discounted Venezuelan crude to Chinese buyers, though a rapid output ramp-up remains uncertain.