Oil prices fell on Tuesday after strong gains of around 2% in the previous session, as investors awaited the impact of the escalating tensions between Russia and Ukraine on global energy supplies.
Brent crude fell 0.4% to $68.50 a barrel, while U.S. West Texas Intermediate crude futures dropped 0.5% to $64.47, after hitting their highest levels in more than two weeks yesterday.
Analysts believe that oil prices could rise further if they stabilize above the resistance levels of $64-65, driven by the risk of supply disruptions, especially with escalating geopolitical tensions and the possibility of additional US sanctions on the Russian energy sector.
Meanwhile, investors are awaiting the release of US inventory data from the American Petroleum Institute later today, which may reveal a decline in crude and gasoline stocks versus a possible rise in distillate stocks, potentially adding further volatility to price movements.
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