Crude oil prices on Tuesday added to gains from Monday's strong rebound amidst renewed uncertainty surrounding Russia-Ukraine peace talks as well as the escalation in tensions in the Middle East surrounding Yemen.
Fears of a disruption in crude oil supplies were renewed following escalation in tensions between Russia and Ukraine as the former accused the latter of targeting President Putin's residence. Saudi Arabian airstrikes on Yemen also added to the tensions.
However, gains were limited by perceptions of an oversupplied global market. Official data from the U.S. Energy Information Administration on Monday had showed crude oil inventories rising by 0.41 million barrels during the week ended December 19 versus a decline of 1.27 million barrels in the previous week. Markets had expected inventories to decline by 2.4 million barrels.
Data for the week ended December 26 is expected to be published by the American Petroleum Institute on Tuesday evening.
Brent Oil Futures for March settlement is currently trading at $61.69, having gained 0.33 percent from the previous close of $61.49. The day's trading ranged between $61.00 and 61.84. The 52-week trading had ranged between $58.4 and $82.63.
Brent has however shed 0.21 percent over the past week and 2.3 percent over the past month. Year-to-date losses are at 17.3 percent. Brent oil is currently down more than 17 percent from the levels a year ago and down more than 28 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for February settlement also rallied 0.34 percent from the previous close of $58.08 to trade at $58.28. Prices ranged between a high of $58.45 and a low of $57.63 in the day's trading. Trading has ranged between $54.98 and $80.59 over the past 52 weeks.
With weekly losses of 0.17 percent, losses over the past month have increased to 1.75 percent. Year-to-date losses are a little more than 18 percent. Prices are currently 17.5 percent below the levels a year ago and close to 27.6 percent below the levels three years ago.
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Market Analysis
December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.