FX.co ★ Oil Prices Edge Down

WTI crude futures saw a slight dip, hovering around $59 per barrel on Tuesday, as market participants closely observed geopolitical factors influencing oil supply. Tensions in Venezuela and Ukraine held traders' attention. U.S. President Trump convened a meeting concerning Venezuela late Monday, following a weekend warning to consider the country's airspace as closed due to escalating tensions. Concurrently, Ukraine has continued to target energy infrastructure associated with OPEC+ producers. Following a Ukrainian drone attack on Saturday, the Caspian Pipeline Consortium announced the resumption of oil shipments from a single mooring point at its Black Sea terminal. Amid these developments, there remains optimism for a potential resolution to the ongoing conflict, which could pave the way for increased Russian oil exports. In a related note, OPEC+ reaffirmed on Sunday its decision to maintain current production levels through the first quarter of 2026, as it faces inconsistent demand patterns and the risk of an oversupplied market in the coming year.