Oil prices edged lower in early trading on Tuesday after rising more than 2% in the previous session, as the United States said it may sell Venezuelan crude it has seized, while increased Ukrainian attacks on Russian ships and ports heightened concerns over supply disruptions.
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Brent crude futures slipped 11 cents, or 0.18%, to $61.96 a barrel by 01:00 GMT. U.S. West Texas Intermediate (WTI) crude fell 13 cents, or 0.22%, to $57.88 a barrel.
Both benchmarks had climbed more than 2% at settlement in the previous session, with Brent posting its best daily performance in two months, while WTI recorded its largest single-day gain since November 14.
As part of its pressure campaign on Venezuela, U.S. President Donald Trump said on Monday that the United States may either retain the oil it has seized off the Venezuelan coast in recent weeks or possibly sell it.
“Maybe we’ll sell it, maybe we’ll keep it,” Trump said, adding that it could also be used to replenish the U.S. Strategic Petroleum Reserve.
He also stated that it would be wise for Venezuelan President Nicolás Maduro to step down.
In a note dated Monday, Barclays said that even if Venezuelan oil exports were to fall to zero in the near term, global oil markets are likely to remain adequately supplied in the first half of 2026.
However, Barclays estimates that the global oil surplus will narrow to 700,000 barrels per day in the fourth quarter of 2026, and that any prolonged disruption could tighten the market, eroding the recent build in inventories.
Meanwhile, Russia and Ukraine exchanged attacks on each other’s facilities in the Black Sea, a vital export route for both countries.
Russian forces shelled Ukraine’s Black Sea port of Odesa late on Monday, damaging port facilities and a vessel, marking the second attack on the area in less than 24 hours.
Authorities said on Monday that a Ukrainian drone attack damaged two vessels, two berths, and sparked a fire in a town in Russia’s Krasnodar region.
Reuters
