Oil prices remain under pressure as easing U.S.–Iran tensions remove the fear premium, a stronger dollar limits demand, and bearish technical signals keep crude locked in a sideways range until key levels break.
Oil prices held steady on Tuesday as market participants weighed the possibility of a de-escalation in U.S.-Iran tensions, with a firmer dollar limiting the upside.
Oil edged higher in the morning Asian session as traders digest the U.S.-India trade deal.
Indian refiners will need a wind-down period to complete Russian oil deals before imports from that country can be halted, and they have so far not been ordered by the government to stop such imports, two refining sources said.
Venezuelan state oil company PDVSA's workers and retirees are hoping oil-industry reform sparked by U.S. intervention last month will increase the purchasing power of their eroding wages and pension payments, but their confidence is measured.
Crude oil prices fell after OPEC+ again decided not to raise output in the first quarter of 2026, a move that has helped underpin crude oil prices in recent weeks. At a meeting on 1 February, the eight member states with voluntary production cuts reiterated their decision to keep quotas unchanged.
Devon plans to acquire Coterra in an all-stock deal, as consolidation within the oil-and-gas sector continues.
Kuwait's oil minister Tariq Al-Roumi told Reuters on Monday that he expects tenders for the Durra oil and gas field project, in cooperation with Saudi Arabia, to be launched this year.
Chinese independent refiners are buying discounted Iranian heavy crude to replace Venezuelan shipments that have stalled after the U.S. claimed control of the OPEC producer last month, two people with knowledge of the matter said on Monday.
WTI crude oil futures drop sharply as Trump's Iran comments ease geopolitical risks. Technical analysis points to key support tests at $60.66-$59.29.
Oil prices fell sharply on Monday after President Donald Trump said he was hopeful over negotiations with Iran, taking some of the fear premium out of the commodity.
Taken together, the technical structure in Brent crude strongly favors a completed corrective phase and the early stages of a trend reversal.