Oil Updates — crude retreats from almost 3-week high driven by Russia supply risks
LONDON: Oil prices fell on Tuesday after surging nearly 2 percent in the previous session as traders monitor developments surrounding the war in Ukraine and potential disruption to Russian fuel supplies.
Brent crude was down 51 cents, or 0.7 percent, at $68.29 a barrel by 11:10 a.m. Saudi time, having hit its highest since early August in the previous session. West Texas Intermediate crude lost 57 cents, or about 0.9 percent, to $64.23.
“The modest setback today is due to risk aversion, with equity markets trading lower,” said UBS analyst Giovanni Staunovo. “Geopolitical factors are something to watch for, particularly what Trump might do if there is no meeting between Russia and Ukraine.”
Oil’s rally on Monday was primarily driven by supply risks after Ukraine strikes on Russian energy infrastructure and the possibility of further US sanctions on Russian oil.
