Beirut: Oil prices ticked lower in Asian trade on Tuesday, pressured by the prospect of a U.S.-brokered peace deal between Russia and Ukraine, although losses were limited as strict U.S. sanctions against Moscow's biggest oil firms took effect. While oil prices logged some gains on Monday, they were nursing steep losses in recent weeks amid growing fears of a looming supply glut and cooling global demand. Resurgent bets on a December interest rate cut by the Federal Reserve offered little support, especially as the dollar remained steady. Brent oil futures for January fell 0.3% to $63.20 a barrel, while West Texas Intermediate crude futures fell 0.1% to $58.72 a barrel by 20:37 ET (01:37 GMT). Heightened military tensions in the Middle East did little to support oil, even as reports said Israel had again violated a U.S.-brokered Gaza ceasefire.
According to National News Agency - Lebanon, the ongoing dynamics between the U.S.-brokered peace deal and sanctions on Russia have been pivotal in influencing oil prices. The markets continue to grapple with the potential for a supply glut, while also keeping a close watch on global demand levels. Despite some gains observed on Monday, the overarching trend has shown a decline due to these geopolitical and economic factors. The situation in the Middle East, with renewed tensions involving Israel and Gaza, has not provided the usual support for oil prices, indicating a shift in market sensitivity to regional conflicts.