Oil Futures Steady After Gains on Red Sea Concerns

Crude oil futures are little changed after the U.S. says a multinational naval force will protect shipping in the Red Sea from Houthi rebel attacks, easing concerns about eventual supply disruptions that pushed prices up yesterday. WTI for February is up 1 cent at $72.83, and February Brent is down 2 cents at $77.93 a barrel. While the situation in the Red Sea keeps the market on edge, “for the most part these types of geopolitical disturbance are usually short-lived,” Peter Cardillo, chief market economist at Spartan Capital, says in a note.