Oil prices eased on Tuesday following a nearly 2% surge in the previous session, as markets closely monitored the Russia-Ukraine conflict for potential disruptions to fuel supplies.
Brent crude futures slipped 16 cents, or 0.23%, to $68.64 per barrel at 0005 GMT, while West Texas Intermediate (WTI) crude fell 16 cents, or 0.25%, to $64.64. Both benchmarks had touched their highest levels in more than two weeks on Monday, with WTI climbing above its 100-day moving average.
Analysts at IG noted that crude prices remain tilted toward further gains, especially if WTI sustains a move above the $64–$65 resistance zone.
Monday’s rally was fueled by concerns over supply disruptions after Ukraine targeted Russian energy facilities, disrupting oil processing and exports and triggering gasoline shortages in parts of Russia. The strikes came in retaliation for Moscow’s battlefield advances and its continued bombardment of Ukraine’s energy infrastructure.
Barclays, in a client note, said oil prices are likely to stay in a narrow but volatile range, supported by resilient fundamentals and geopolitical risks.
Meanwhile, US President Donald Trump renewed threats of additional sanctions on Russia if no progress is made toward a peace deal within two weeks.
Traders are also awaiting inventory data from the American Petroleum Institute (API), with expectations of declines in crude and gasoline stocks but a possible increase in distillate supplies.
