WASHINGTON (dpa-AFX) - Oil prices traded lower on Tuesday, erasing earlier gains that stemmed from concerns over supply disruptions from Russia.
Benchmark Brent crude futures dipped 0.6 percent to $67.03 a barrel in European trade while WTI crude oil futures fell 0.6 percent to $62.94 a barrel.
Russia oil supplies were in focus after Ukrainian forces struck the Saratov oil refinery overnight, causing explosions and a fire at the facility.
The Saratov refinery produces over 20 types of petroleum products, including gasoline, diesel fuel, fuel oil, bitumen, and more.
U.S. Treasury Secretary Scott Bessent has announced that the Trump administration would not impose additional tariffs on Chinese goods to halt China's purchases of Russian oil unless European countries hit China and India with steep duties of their own.
Elsewhere, Israel's military has expanded its ground offensive, with at least 48 people killed by Israeli air strikes across Gaza since dawn.
An independent United Nations inquiry has concluded that Israel has committed genocide against Palestinians in Gaza, in what it described as the 'most authoritative UN finding to date.
Beyond geopolitical risks, investors also eagerly await the U.S. Federal Reserve's policy meeting on September 16-17, where a 25-bps rate cut is widely anticipated.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
