1 hour ago

Oil Futures Settle Lower in Sluggish Trade

Oil futures relinquish early gains and settle modestly lower in light trade, with February Brent going off the board little changed at $61.92 a barrel and the March contract falling 0.3% to $61.33.

"The catalyst for the upside now would be geopolitical risk, with Saudi Arabia, Russia, the United Arab Emirates, Venezuela, Iran and Nigeria all generating headlines over the past few days that threaten to take barrels off the market," Robert Yawger of Mizuho says in a note. "Geopolitical risk runs counter to the International Energy Agency forecast that supply will outstrip demand by 3.8 million barrels a day in 2026."

WTI settles down 0.2% at $57.95.