NEW DELHI: Oil prices steadied on Wednesday, after falling in the previous session, as investors watched for fresh developments in the Ukraine war and weighed hefty new US tariffs on India, the world’s third-biggest crude consumer.
Brent crude futures fell 9 cents to $67.13 per barrel at 8:33 a.m. Saudi time, while West Texas Intermediate crude futures were down 8 cents at $63.17.
Both contracts fell more than 2 percent on Tuesday after beginning the week at a two-week high.
“(There is) a lot of uncertainty over how the Ukraine stalemate might be resolved, which portends volatility for crude but likely in a relatively small range,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
“Over the past week or so, much of the Ukraine peace discount has been reversed, but the market is also not ready to price in a major supply risk premium,” Hari added.
