Written by The Banking Post
Oil prices eased on Tuesday after hitting a two-week high in the previous session, as traders weighed supply risks from the Russia-Ukraine war against fresh US tariff moves.
Brent crude dropped 32 cents, or 0.5%, to $68.48 a barrel at 0448 GMT, while West Texas Intermediate (WTI) slipped 33 cents, or 0.5%, to $64.47. Both benchmarks had surged nearly 2% on Monday, with WTI closing above its 100-day moving average.
Analysts noted crude’s momentum remains tilted toward further gains if prices hold above the $64–65 resistance level. The latest rally was driven by concerns over disruptions after Ukraine targeted Russian energy infrastructure, sparking refinery outages, export delays, and fuel shortages inside Russia.
The US is considering fresh sanctions on Moscow, while traders are also bracing for the impact of a new 25% tariff on Indian exports, after Washington moved to punish New Delhi’s increased purchases of Russian oil. This could push duties on Indian goods to as high as 50%, one of the steepest US tariff rates.
Market participants are now awaiting weekly US inventory data, with expectations of falling crude and gasoline stocks but a possible build in distillates.
