London (Reuters) – Oil lost early benefits on Tuesday and prices returned to their previous bandh in front of uncertainty as to how Ukraine -Russian peace talks, international trade tariffs and OPEC raw output would affect supply.
Brent crude futures were 4 cents below $ 75.18 per barrel by 1406 GMT, withdrawing from $ 76.07 in the session.
The US West Texas Intermediate crude futures were about 43 cents above $ 71.17 per barrel on Friday. There was no agreement for WTI on Monday due to the day’s holiday of American presidents.
John Evans of Oil Broker PVM said, “Each rally finds interested vendors, whether it is due to neighboring technical numbers or not, which keep the movement trapped or it is difficult to show the assumptions of war disposal with tariffs.”
“Day trading and short -term flows are currently ruling the fate of oil prices.”
The US and Russian officials held more than four hours of talks in Riyadh on Tuesday, which was their first when they ended the war in Ukraine. But Moscow made a new demand: that NATO canceled his 2008 promise on Ukraine’s membership.
Ukraine was not in conversation and has said that no peace deals can be done on his behalf.
If a deal takes place, Washington and its associates may leave restrictions to supply Russian oil to the world.
Oil prices were increased on Tuesday with a Ukrainian drone attack on a Russian pipeline that pumps about 1% of the global raw raw supply.
Russian oil transport company Transneft stated that damage can reduce the amount of oil transit from Kazakhstan by about 30% and repair may take up to two months.
Another question hanging on the oil markets is whether OPEC is considering delay in the monthly supply set in April.
Russian state media said that group members were not looking away from growth after Bloomberg News that OPEC members were searching for a possible delay.
(Reporting by Paul Carston in London; Choline Howe and Additional Reporting by Tricks Yap; David Goodman and John Harvey)
