WASHINGTON (dpa-AFX) - Oil prices traded lower on Tuesday as investors weighed the impact from an emerging global surplus against U.S. sanctions on Russia.
As economic risks mount, investors also await a slew of U.S. economic data, including the delayed jobs report, which will be released almost seven weeks behind schedule due to the government shutdown.
Benchmark Brent crude futures were down 0.6 percent at $63.84 a barrel while WTI crude futures fell half a percent to $59.54.
Supply concerns eased as loadings resumed at Russia's Novorossiysk port after a two-day suspension triggered by the Ukrainian attack.
The port, together with the nearby Caspian Pipeline Consortium terminal, accounts for roughly 2.2 million barrels per day, or around 2 percent of global supply.
Traders also continued to evaluate the impact of Western sanctions on Russian flows. To add more pressure on Russia to end its war with Ukraine, U.S. President Donald Trump has signaled he is open to supporting a new sanctions bill targeting countries that continue trading with Russia.
The Senate will bring forward legislation that would sanction Russia's trading partners, Sen. Lindsey Graham (R-S.C.) said Monday.
Analysts, however, say that any disruption from U.S. sanctions will prove temporary and Russia will find ways to circumvent sanctions once again.
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