SINGAPORE: Oil prices edged down on Tuesday, after surging nearly 2 percent in the previous session, as traders closely monitored developments in the Russia-Ukraine conflict for potential disruptions to regional fuel supplies.
Brent crude fell 32 cents, or 0.5 percent, to $68.48 per barrel at 7:48 a.m. Saudi time, while West Texas Intermediate crude also lost 33 cents, or 0.5 percent, to $64.47 per barrel.
Both contracts rose to their highest in more than two weeks on Monday, with WTI climbing above the 100-day moving average.
“The risks for crude oil prices appear tilted toward further gains, particularly if the price sustains a move above the $64–$65 resistance level,” IG analysts said in a note.
Oil’s rally on Monday was primarily driven by worries about supply disruptions as Ukraine struck Russian energy infrastructure, and as traders anticipated more US sanctions on Russian oil.
