Oil closes lower, Brent holds above $76

Oil drilling rigs

Oil closed with a decline today, Jan. 6, following a volatile trading, with markets focused on US President-elect Donald Trump taking office this month and its implications for global trade and commodity markets.

Brent crude futures for March delivery fell 0.25%, or 21 cents, to $76.30 a barrel, after touching $77.50.

WTI crude futures for February delivery lost 0.55%, or 40 cents, to $73.56 a barrel.

The US Commerce Department's Census Bureau said factory orders fell 0.4% in November, above expectations of a 0.3% decline, amid weak demand for commercial aircraft and slower business spending on equipment in the fourth quarter.

According to the preliminary reading issued by the German Statistics Office, the consumer price index in Germany accelerated to 2.6% in December, from 2.2% in November, and against expectations of 2.4%, threatening the European Central Bank's shift to monetary easing policy.