Singapore – Oil prices saw a slight decrease during early Tuesday trading. This followed gains of over 2% in the previous session. The decline was partly due to falling precious metals prices. Tensions between Russia and Ukraine continued. Concerns remained about supply disruptions.
Brent crude futures for February delivery fell 21 cents. This was a 0.3% drop. They reached $61.73 per barrel by 01:50 GMT. These contracts expire today, Tuesday. The more actively traded March contract decreased by 19 cents. This was also a 0.3% fall. It settled at $61.30 per barrel.
US West Texas Intermediate (WTI) crude also dropped by 20 cents. This was a 0.3% decline. It reached $57.88 per barrel.
This downturn followed a more than 2% jump for both crudes. That jump occurred at the close of the previous session. Moscow had accused Kyiv of targeting Russian President Vladimir Putin’s residence. This accusation heightened fears of potential oil supply disruptions.
Simultaneously, precious metals markets experienced a sharp decline on Monday. Silver and platinum prices fell from record highs. This was influenced by profit-taking after recent gains.