Oil prices remained steady in early Asian trade on Tuesday, following gains in the previous session, as traders assessed the risk of supply disruptions from Russia amid escalating Ukrainian drone attacks on refineries.
Brent crude futures inched up 4 cents to $67.48 per barrel by 0000 GMT, while U.S. West Texas Intermediate (WTI) rose 2 cents to $63.32. On Monday, Brent closed 45 cents higher at $67.44 and WTI gained 61 cents to $63.30.
Analysts said fears of disrupted Russian output — which accounts for over 10% of global supply — were lending support to oil prices. IG Markets analyst Tony Sycamore noted that expectations of a U.S. Federal Reserve interest rate cut this week, along with a weaker U.S. dollar, were also boosting crude sentiment.
The U.S. dollar index fell to a near one-week low, making oil cheaper for non-dollar holders.
Meanwhile, geopolitical tensions also added pressure as Israel launched a ground offensive in Gaza City. Separately, the U.S. and China reached a framework agreement on TikTok ownership, a rare step toward easing trade frictions that could lift global risk sentiment and demand outlook.
