Oil prices experienced upward momentum on Tuesday, buoyed by a recent report indicating that Russian oil production fell short of its target output. This was further compounded by concerns over potential disruptions to global supply chains. However, gains were somewhat tempered by apprehensions surrounding the impact of U.S. tariffs on overall global economic growth.
Brent crude futures rose by 24 cents, or 0.32%, reaching $76.11 per barrel. Meanwhile, West Texas Intermediate crude saw an increase of 19 cents, or 0.26%, settling at $72.51.
The two-year futures marked a recovery of approximately 2% in the previous trading session, following three consecutive weeks of losses.
