Oil prices rose during trading today, Tuesday, January 23, 2024, continuing to reap gains for the second session in a row, supported by expectations of increased demand.

This comes as traders assess a range of conflicting concerns about supply and demand, rising tensions in the Middle East, and cold weather issues disrupting production in the United States.

Oil prices ended their trading yesterday, Monday, January 22, with an increase of more than 2%, after a volatile session, up and down, with continued fears of a decline in global demand for crude.

By 07:03 AM GMT (10:03 AM Mecca time), futures prices for benchmark Brent crude, for March 2024 delivery, rose by 0.04%, reaching $80.09 per barrel.

At the same time, futures prices for US West Texas Intermediate crude, for March delivery, increased by 0.03%, reaching $74.78 per barrel, according to data reviewed by the specialized energy platform.

Oil prices received support during the last session from increasing geopolitical tensions and fears of supply shortages, after a Ukrainian drone attack sparked the Ust-Luga station of the Novatek company.