COMMODITY
Crude oil futures settle higher on Wednesday
Jan-22-2026

Crude oil futures ended higher on Wednesday as traders assessed U.S. President Donald Trump's speech at the World Economic Forum, where he sought negotiations on the U.S. bid to acquire Greenland. However, Trump said he would not use military force in his pursuit. Oil prices also got some support amid tightening global supplies following shutdowns at Kazakhstan’s Tengiz and Korolev oil fields, where fires damaged power generators and halted production. Kazakhstan is now a major crude producer with a capacity of around 1.7 million barrels per day.

Benchmark crude oil futures for March delivery rose $0.26 or 0.43% to settle at $60.62 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $0.32 or 0.49% to settle at $65.24 a barrel on London's Intercontinental Exchange. 

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