Oil Prices Fall Slightly on Tuesday
Early trading on Tuesday saw slight declines in oil prices, as traders evaluated US Secretary of State Antony Blinken’s visit to the Middle East to discuss a potential truce in the Palestinian-Israeli conflict.
Brent crude futures closed down 2 cents at $77.97 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $72.75 a barrel.
Market factors influencing the price movement:
US-Middle East peace talks: Traders are monitoring Blinken’s diplomatic efforts to achieve a truce in the Israeli-Palestinian conflict, which could potentially ease tensions and reduce market uncertainty.
Attacks on Russian oil infrastructure: Continued attacks by Ukrainian drones on Russian oil facilities raise concerns over supply disruptions, supporting oil prices.
US crude inventory data: Market participants await industry data later in the day on U.S. crude inventories, which could provide further insights into supply and demand dynamics.
Other news impacting the market:
The United States continued its military operations against the Iranian-backed Houthi rebels in Yemen, disrupting oil trade routes.
* In Russia, two Ukrainian drones struck the country’s largest oil refinery, further reducing Russian oil exports.