Oil prices eased in early trade on Tuesday after rising more than 2 per cent in the previous session as the US said it might sell Venezuelan crude it has seized, while Ukraine’s attacks on Russian vessels and piers heightened supply disruption fears.
Brent crude futures fell 11 cents, or 0.18 per cent, to $61.96 per barrel by 0100 GMT. US West Texas Intermediate (WTI) crude lost 13 cents, or 0.22 per cent, to $57.88.
Both benchmarks settled more than 2 per cent higher in the previous session, with Brent posting its best daily performance in two months and WTI climbing the most since November 14.
In his pressure campaign on Venezuela, which includes a “blockade” on oil tankers under sanctions entering and leaving the country, US President Donald Trump on Monday said the US might keep or sell the oil it had seized off the coast of Venezuela in recent weeks.
“Maybe we will sell it, maybe we will keep it,” Trump said, adding it might also be used to replenish the United States’ strategic reserves.
He also said it would be smart for Venezuelan President Nicolas Maduro to leave power.
“It is true that even if Venezuelan oil exports were to fall to zero over the near term, oil markets will likely still be well supplied in H1 26,” Barclays said in a note dated Monday.
However, Barclays estimates the global oil surplus will shrink to just 700,000 barrels per day in the fourth quarter of 2026, and a prolonged disruption could tighten the market further, depleting recent inventory builds.
Meanwhile, Russia and Ukraine waged attacks on each other’s facilities on the Black Sea, a vital export route for both countries.
Russian forces struck Ukraine’s Black Sea port of Odesa late on Monday and damaged port facilities and a ship, in the second attack on the region in less than 24 hours.
A Ukrainian drone attack damaged two vessels, two piers and sparked a fire in a village in Russia’s Krasnodar region, regional authorities said on Monday.
Ukraine has also targeted Russia’s maritime logistics, focusing on shadow-fleet oil tankers that attempt to bypass sanctions on Russia over the nearly four-year war.
The market remains cautious as traders weigh geopolitical risks against forecasts of ample supply in early 2026, leaving prices potentially sensitive to any prolonged disruptions.
