Oil prices ticked lower in Asian trade on Tuesday, pressured by the prospect of a U.S.-brokered peace deal between Russia and Ukraine, although losses were limited as strict U.S. sanctions against Moscow’s biggest oil firms took effect.
While oil prices logged some gains on Monday, they were nursing steep losses in recent weeks amid growing fears of a looming supply glut and cooling global demand. Resurgent bets on a December interest rate cut by the Federal Reserve offered little support, especially as the dollar remained steady.
Brent oil futures for January fell 0.3% to $63.20 a barrel, while West Texas Intermediate crude futures fell 0.1% to $58.72 a barrel by 20:37 ET (01:37 GMT).
Heightened military tensions in the Middle East did little to support oil, even as reports said Israel had again violated a U.S.-brokered Gaza ceasefire.
While oil prices logged some gains on Monday, they were nursing steep losses in recent weeks amid growing fears of a looming supply glut and cooling global demand. Resurgent bets on a December interest rate cut by the Federal Reserve offered little support, especially as the dollar remained steady.
Brent oil futures for January fell 0.3% to $63.20 a barrel, while West Texas Intermediate crude futures fell 0.1% to $58.72 a barrel by 20:37 ET (01:37 GMT).
Heightened military tensions in the Middle East did little to support oil, even as reports said Israel had again violated a U.S.-brokered Gaza ceasefire.
