Oil extends gains on dollar weakness, Russian supply concerns

[A smiling millennial man refueling a car at a natural gas station]
Kosamtu/E+ via Getty Images

Crude prices climbed for a third straight session Tuesday, lifted by a softer U.S. dollar and worries over potential disruptions to Russian fuel supplies.

West Texas Intermediate (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) futures settled 1.9% higher at $64.52 a barrel, while Brent crude (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) advanced 1.5% to close at $68.47. Distillate prices also surged, adding to the broader rally.

Analysts at ING, Ewa Manthey and Warren Patterson, noted that the market remains “caught between escalating geopolitical tensions and not particularly supportive fundamentals,” The Wall Street Journal reported. They said traders are waiting to see whether Western governments impose new sanctions on Russian energy exports, even as expectations build for a looming oversupply.

Attention now turns to the U.S. Energy Information Administration’s weekly inventory report, due Wednesday. A Wall Street Journal survey of analysts suggests crude and gasoline stockpiles likely held steady last week, while diesel supplies are projected to show an increase.

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