Oil steadied after jumping on Monday as President Donald Trump suggested that the US may work to curtail crude shipments from Russia, the world's third-largest producer and a major exporter.
West Texas Intermediate traded above $71 a barrel after gaining 3.1% on Monday, the most since mid-January, with Brent crude closing below $75. Trump threatened so-called "secondary tariffs" on buyers of Russian oil, potentially hurting flows, as he pushes for an end to the war in Ukraine.
The US is also set to implement levies and other measures on Wednesday, in what Trump has dubbed "Liberation Day." Details, such as the level of tariffs, duration, and any exemptions, are still being discussed in the White House.
WTI for May delivery was little changed at $71.43 a barrel at 7:25 a.m. in Singapore.
Brent for June settlement closed 2.8% higher at $74.77 a barrel.
Source: Bloomberg
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