Brent crude prices rise to $74.2 per barrel

Benchmark oil prices rose significantly on December 27 following data showing a larger-than-expected decrease in US oil inventories last week, Report informs via Interfax.

The tense geopolitical situation in the Middle East continues to support the market.

Investors are concerned about possible disruptions to oil supplies through the Red Sea, noted Bart Melek, head of commodity market strategy at TD Bank.

February Brent crude futures on London's ICE Futures exchange rose by $0.91 (1.2%) on December 27 to $74.17 per barrel.

WTI crude futures for February delivery on the New York Mercantile Exchange (NYMEX) increased by $0.98 (1.4%) to reach $70.6 per barrel.