WASHINGTON (dpa-AFX) - Crude oil prices eased on Tuesday after three days of continuous rally triggered by supply concerns linked to recent sanctions on Russian oil.
Crude oil prices had surged in the recent sessions following new restrictive measures against Russia's energy sector as a whole, as well as against several major companies, including personal sanctions targeting their leadership and officials from the Russian Ministry of Energy.
The easing in the prices of the black liquid is despite the weakening of the Dollar that has dragged down the six-currency Dollar Index 0.37 percent overnight to 109.55. The index had touched a multi-month high of 110.18 on Monday.
Brent Oil Futures for March settlement is currently trading at $80.75, having slipped 0.32 percent from the previous close of $81.01. Brent oil had surged 1.6 percent on Monday, 3.7 percent on Friday and 1 percent on Thursday.
The day's trading ranged between $80.22 and $81.15 whereas the 52-week trading range was between $68.68 and $92.18.
Gains in the past week have fallen to 4.3 percent. The gain implies a surge of 7.9 percent over the past month and 3 percent over the past year. Nevertheless, Brent oil is down 6.65 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for March settlement decreased 0.25 percent from the previous close of $77.3 to trade at $77.11. WTI Crude oil had surged 2.1 percent on Monday, 3.4 percent on Friday and 0.78 percent on Thursday.
Prices ranged between a high of $77.52 and a low of $76.64 in the day's trading. Trading has ranged between $64.61 and $86.97 over the past 52 weeks.
Gains in the past week have been curtailed to 4.3 percent. Over the past month, the surge exceeds 8.3 percent whereas the 1-year addition is at 5.99 percent. Prices are however 7.9 percent below the levels three years ago.
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