Oil Prices Drop, Traders Cautious

Oil prices saw a downward trend today, with most near-term contracts experiencing slight decreases. The January twenty-six contract closed at $57.88, down $0.37 from its opening. The volume of trading was significantly lower than yesterday, with an estimated 259,321 barrels traded. Looking further out, the December twenty-seven contract closed at $58.60, down $0.22. However, the December twenty-nine contract bucked the trend, showing a slight increase of $0.25, closing at $61.43. The market also saw a decrease in open interest by 51,627 contracts, indicating a cautious approach from traders.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.