Oil prices slipped in early trade on Tuesday after rising more than 2% in the previous session, with Brent at $61.96 and WTI at $57.88, as markets weighed supply risks. Moreover, U.S. plans to sell seized Venezuelan crude and ongoing Ukraine-Russia tensions fueled uncertainty over global oil availability.
Read more : Oil price rise on US sanctions, Venezuela tanker risks
Brent crude futures fell 11 cents, or 0.18%, while U.S. West Texas Intermediate lost 13 cents, or 0.22%, despite both benchmarks posting strong gains the previous day. Analysts noted that recent supply disruptions and geopolitical factors contributed to heightened volatility in energy markets.
U.S. President Donald Trump indicated that seized Venezuelan oil might either be sold or added to the country’s strategic reserves, warning Venezuelan President Nicolas Maduro to consider stepping down. Meanwhile, Barclays expects global oil supply to remain sufficient in the first half of 2026, though the surplus is forecast to shrink significantly by the fourth quarter.
Read more : Oil prices edge higher as oversupply worries ease
At the same time, Russia and Ukraine continued attacks on each other’s Black Sea facilities, disrupting critical maritime export routes. Ukrainian drone strikes damaged vessels and piers in Russia, while Russian forces targeted Ukraine’s Odesa port, intensifying concerns about long-term supply constraints.