Demand Concerns Limit Crude-Price Gains

Crude futures post early gains, while holding within their recent range as the market weighs Mideast tensions against concerns about softer demand for oil. WTI for February delivery, which expires today, is up 0.7% at $73.93 a barrel. WTI for March, the most active contract, gains 0.6% to $73.67 and March Brent is up 0.5% at $78.98. “Traders continue to evaluate the Red Sea situation. However, demand worries remain the underlying fundamental problem for the market,” says Peter Cardillo, chief market economist at Spartan Capital, in a note.