Oil prices hold steady on Tuesday

Oil prices held steady on Tuesday after a more than 2 per cent rise in the previous session, as markets weighed Russia’s accusation that Ukraine attacked President Vladimir Putin’s residence against persistent oversupply concerns.

Brent crude for February delivery eased 6 cents to $61.88 a barrel, while the more active March contract fell 4 cents to $61.45. US West Texas Intermediate (WTI) declined 4 cents to $58.04. Both benchmarks had surged over 2 per cent on Monday following Moscow’s claim, which Kyiv dismissed as baseless.

Geopolitical tensions also added pressure, including Saudi-led coalition strikes on UAE-backed southern separatists in Yemen and US warnings of possible action against Iran if it resumes missile or nuclear weapons development.

Analysts said these risks were tempered by expectations of continued oversupply. Marex analyst Ed Meir noted that a peace deal may be difficult to achieve, while IG analysts forecast WTI to trade between $55 and $60 in the near term. Meir also predicted downward pressure on prices in the first quarter of 2026 due to a growing oil glut.

Attribution: Reuters