Oil prices were little changed on Tuesday as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.Brent crude futures for February delivery,
Oil prices were little changed on Tuesday as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
Brent crude futures for February delivery, which expire on Tuesday, were up 27 cents, or 0.4%, at $62.21 a barrel at 1426 GMT.
U.S. West Texas Intermediate crude gained 36 cents, or 0.6%, to $58.44.
The Brent and WTI benchmarks settled more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting a Russian presidential residence, denting hopes of a peace deal.
Russia has said it will toughen its position in peace talks after accusing Kyiv of attacking the residence, an allegation that Kyiv dismissed as baseless and designed to undermine peace negotiations.
"I guess the market has now adapted again its expectation, not looking for any breakthrough for a peace agreement between Ukraine and Russia in the short term," said UBS analyst Giovanni Staunovo.
The ongoing U.S. blockade of Venezuelan oil and suspension of Caspian CPC Blend exports because of poor weather supported prices on Tuesday, he said.
Adding to supply concerns were strikes by a Saudi Arabia-led coalition
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