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Oil prices steadied on Tuesday after tumbling more than 4% in the previous session, as traders reassessed the global supply outlook and signs of easing tensions between the United States and Iran.
Brent crude futures rose 17 cents to $66.47 a barrel by midday, while U.S. West Texas Intermediate gained 24 cents to $62.38. Earlier in the session, both benchmarks touched one-week lows after Monday’s sharp selloff.
Market focus returned to supply fundamentals after OPEC+ confirmed it would keep production unchanged in March. Russia’s Deputy Prime Minister Alexander Novak said the global oil market was currently balanced, adding that demand was expected to rise gradually in March and April. Novak also noted that Russia had ample fuel supplies and was operating with a surplus.
Prices had fallen sharply on Monday after U.S. President Donald Trump said Iran was “seriously talking” with Washington, signaling a possible de-escalation with the major OPEC producer. Officials from both countries confirmed that nuclear talks are set to resume in Turkey on Friday, although Trump warned that tensions could escalate again if negotiations fail.
Iranian President Masoud Pezeshkian said talks with the U.S. could move forward as long as threats and unreasonable demands were avoided, reinforcing hopes of a diplomatic path forward.
Limiting gains in crude, the U.S. dollar hovered near a one-week high, making dollar-priced oil more expensive for overseas buyers.
Additional pressure came from trade developments, after Trump announced a deal with India that sharply cuts U.S. tariffs on Indian goods in exchange for New Delhi halting purchases of Russian oil and increasing energy imports from the U.S. and potentially Venezuela.
