CONCLUDED Stock Market News From Jan. 21, 2026: Nasdaq Pops After Trump Backs Off Europe Tariffs Last Updated: 2 hours ago Oil Settles Higher With Support From Heating Fuel By Oil futures settle higher in choppy rangebound trade, helped by rising winter fuel demand and easing tensions between the U.S. and Europe over Greenland. "The cold temperatures are definitely boosting the heating oil market, and that's giving some support," says Phil Flynn of the Price Futures Group. Also on the bullish side, the IEA ...

Core Insights - Oil prices experienced a slight decline following the ceasefire agreement between Israel and Hamas, with Brent crude futures down 0.6% to $65.88 per barrel and U.S. West Texas Intermediate crude down 0.5% to $62.25 [1][2]. Group 1: Ceasefire Agreement - The ceasefire agreement between Israel and Hamas includes a cessation of fighting, partial withdrawal of Israeli forces from Gaza, and the release of Israeli hostages in exchange for Palestinian prisoners [2]. - This agreement is part of a broader initiative by U.S. President Donald Trump aimed at ending the conflict in Gaza [2]. Group 2: Market Implications - The resolution of the Israel/Hamas conflict is seen as a significant breakthrough with potential wide-ranging implications for oil markets, including a possible reduction in attacks by the Houthis in the Red Sea and an increased likelihood of a nuclear deal with Iran [4]. - The OPEC+ group has agreed to a smaller-than-expected output hike for November, which has alleviated some oversupply concerns in the market [5]. Group 3: U.S. Oil Consumption - Total weekly U.S. petroleum products supplied rose to 21.99 million barrels per day, marking the highest level since December 2022, indicating a potential increase in U.S. oil consumption [6].