Oil prices were relatively unchanged on Tuesday, with Brent crude futures for May edging up by 7 cents to $86.82 a barrel, and U.S. West Texas Intermediate (WTI) crude futures rising by 6 cents to $82.01 a barrel as of 0541 GMT. This stability follows a previous session where Brent rose by 1.5% and WTI gained 1.6%.
Recent events, including attacks on Russian oil refineries by Ukraine and Russian government directives to reduce output in the second quarter, have impacted the oil market. Analysts note that these factors have created a mixed impact on crude prices, with disruptions in refinery operations reducing demand while potential cuts in Russian oil exports bolster prices.
Furthermore, the slight weakening of the U.S. dollar from the previous session has provided some support to oil prices. A weaker dollar typically makes oil purchases cheaper in other currencies, potentially increasing overall demand.
Geopolitical tensions, such as the ongoing conflict between Israel and Gaza, have also contributed to supportive price factors for oil, although the immediate impact on supplies in the Middle East remains uncertain.