WASHINGTON (dpa-AFX) - Oil prices traded higher for a second consecutive session on Tuesday as investors weighed Russia supply risks.
A weaker dollar also offered some support. The dollar wallowed close to a seven-week low ahead of U.S. data revisions that could point to a worse-than-expected jobs market and shore up the case for jumbo Federal Reserve interest rate cuts.
Benchmark Brent crude futures jumped nearly 1 percent to $66.65 a barrel in European trade, while WTI crude futures were up 1 percent at $62.86.
Supply concerns lingered as the threat of sanctions hanged over Russia on its oil exports.
European natural gas prices surged amid escalating geopolitical tensions, with reports suggesting that the EU may impose fresh sanctions on Russian banks and energy firms.
The U.S. Energy Secretary suggested that European countries should stop buying Russian oil and gas.
Elsewhere, U.S. President Donald Trump said that he is prepared to impose a 'second phase' of sanctions on Russia.
His remark followed comments by Treasury Secretary Scott Bessent, who warned that Russia's economy would collapse if the United States and European Union expand secondary sanctions on countries purchasing Moscow's crude oil.
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