Oil prices were steady in Asian trading on Tuesday, holding on to gains from the previous session as OPEC+ reaffirmed it will pause production increases in the first quarter, while traders continued to assess supply risks stemming from geopolitical tensions.
As of 21:18 ET (02:18 GMT), Brent Oil Futures expiring in February edged up 0.1% to $63.23 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $59.42 per barrel.
Both contracts jumped over 1% on Monday after OPEC+ ministers on Sunday confirmed the group would hold output steady through the first quarter of 2026 after raising supply by nearly 3 million barrels per day since April.
Delegates said the pause reflected a desire to stabilise the market amid uneven demand and the threat of supply disruptions.
The group also endorsed a new mechanism to assess each member's maximum production capacity between January and September next year to determine more transparent quotas for 2027.
Meanwhile, traders assessed the impact of attacks on Russian energy sites and worsening tensions between the United States and Venezuela.
Source : Investing.com
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