Oil prices moved in opposite directions in the global commodity market on Tuesday as investors balanced concerns over crude supply disruptions with cautious remarks from U.S. Federal Reserve Chair Jerome Powell.
Brent crude edged up 0.1% to $67.32 per barrel from $67.25 in the previous session, while U.S. benchmark West Texas Intermediate (WTI) slipped 0.15% to $63.64 from $63.74.
The EU’s fresh sanctions on Russian exports and continued unrest in the Middle East, including attacks in the Red Sea, heightened concerns over supply security. At the same time, falling U.S. crude inventories supported demand outlook, helping to limit WTI’s losses. The American Petroleum Institute reported a 3.82 million-barrel draw last week, higher than analysts’ expectations of 3.42 million barrels. Official U.S. government data is expected Wednesday.
Powell, speaking in Rhode Island, noted that equity prices remain “fairly highly valued,” while stressing that the Fed monitors overall financial conditions to assess policy effectiveness. His remarks added to investor caution in energy and broader markets.
Geopolitical tensions also continued to underpin prices. U.S. President Donald Trump, in a meeting with Ukrainian President Volodymyr Zelenskyy on the sidelines of the UN General Assembly, praised Ukraine’s battlefield performance and signaled support for NATO allies defending their airspace against Russian aircraft. Analysts noted that such comments reinforced the risk of further sanctions, raising uncertainty over global oil supply.
