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Oil prices were steady in Asian trading on Tuesday, consolidating the previous session’s gains as OPEC+ reaffirmed its decision to pause production increases in the first quarter and as traders continued to evaluate supply risks tied to global geopolitical tensions.
By 21:18 ET (02:18 GMT):
- Brent February futures rose 0.1% to $63.23 per barrel
- WTI crude futures gained 0.2% to $59.42 per barrel
Oil Holds Gains as Supply Risks Remain Elevated
Crude futures rose more than 1% on Monday after OPEC+ ministers confirmed they would keep output steady through Q1 2026, following nearly 3 million barrels per day of cumulative supply increases since April.
Delegates said the pause aims to stabilize the market amid uneven global demand and rising geopolitical threats to supply.
The group also approved a mechanism to review each member’s maximum production capacity between January and September next year, laying groundwork for transparent quotas in 2027.
Markets also reacted to ongoing attacks on Russian energy infrastructure and escalating tensions between the U.S. and Venezuela.
A recent Ukrainian drone strike on the Caspian Pipeline Consortium (CPC) temporarily halted loadings at its Black Sea terminal — a key channel for Russian and Kazakh crude. Although one mooring is back online, the episode underscored the fragility of Russian export flows.
U.S.–Venezuela Tensions Escalate; Fed Cut Bets Support Prices
Oil markets are also monitoring worsening ties between Washington and Caracas, after U.S. officials signaled potential tightening of restrictions on Venezuela — including closing U.S. airspace to the country.
The move comes after President Donald Trump accused Venezuela of enabling drug shipments through its territory.
Broader support for oil prices is coming from rising expectations that the Federal Reserve will cut interest rates next week.
Lower rates typically boost economic growth, increasing potential demand for crude and encouraging speculative buying.
According to CME’s FedWatch tool:
- Markets now assign over an 85% probability of a 25 basis-point cut next week
(up from ~40% last month)
If you’d like, I can also create a short market brief, headline-only summary, or integrate this into a full daily commodities wrap.
