WASHINGTON (dpa-AFX) - Oil prices traded higher on Tuesday after reports emerged that the Trump administration is considering new sanctions against Russia.
Investors also await cues from an upcoming OPEC+ meeting that will decide on supply policy.
Benchmark Brent crude futures rose 0.4 percent to $64.36 a barrel in early European trade, while WTI crude futures were up 0.4 percent at $61.75.
According to reports, U.S. President Donald Trump is considering imposing sanctions on Moscow this week in the wake of continued attacks on Ukraine and the slow progress in peace talks.
The proposed sanctions are aimed at pressuring Russian President Vladimir Putin to agree to a 30-day ceasefire in Ukraine.
Meanwhile, investors also eye an upcoming OPEC+ meeting this week for key signals on future supply levels.
The oil cartel may decide to increase output at the meeting, Bloomberg News reported last week.
One option under consideration is a supply increase of 411,000 barrels per day in July, though no final decision has been made, it was said.
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