Oil down, Brent declines for 6th straight session

Oil prices declined today, Jan. 23, extending losses as investors weighed uncertainty after the US President declared a state of emergency in the energy sector and vowed to impose a protectionist trade policy against several countries.

International benchmark Brent crude was trading down 0.33% at $78.74 a barrel, at 08:55 am Makkah time, extending losses for the sixth consecutive session.

West Texas Intermediate (WTI) crude fell 0.33% to $75.20 a barrel, marking the fifth straight decline.

Priyanka Sachdeva, Analyst at Phillip Nova, said the market had given up some recent gains amid multiple factors, including expectations of higher US production under President Trump's policies and reduced geopolitical risks in the Middle East, Reuters reported.

The US President declared a state of emergency in the energy sector after taking the oath of office on Jan. 20. This aims to remove environmental restrictions on energy infrastructure projects, and facilitate permits for drilling wells and laying oil and gas pipelines.

Meanwhile, the American Petroleum Institute estimated that US oil inventories rose by one million barrels during the week ended Jan. 17, with official data from the Energy Information Administration due later today.