COMMODITY
Crude oil futures close higher amid tensions in Middle East
Jan-31-2026

Crude oil futures closed higher on Friday amid tensions in the Middle East and production outages in Kazakhstan. Traders also braced for an upcoming OPEC+ meeting that could influence supply decisions. Besides, the U.S. Energy Information Administration highlighted that the U.S. commercial crude oil inventories decreased by 2.3 million barrels for the week ending January 23. Meanwhile, the U.S. Treasury Department issued a general license that expands the ability of American energy companies to purchase, refine, and transport crude oil originating in Venezuela. The move came after Venezuela's acting President Delcy Rodriguez signed a law that will open the nation's oil sector to privatization. 

Benchmark crude oil futures for March delivery rose $0.32 or 0.49% to settle at $65.74 a barrel on the New York Mercantile Exchange. However, Brent crude for March delivery decreased $0.02 or 0.03% to settle at $70.69 a barrel on London's Intercontinental Exchange.


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