Oil prices saw little movement in trading on Tuesday, following the Christmas holiday. With many markets still closed or operating with reduced hours, trading volume was thin.

Market Overview

Brent crude futures saw a slight increase to $65.30 a barrel, while U.S. West Texas Intermediate (WTI) crude remained steady at $58.50. The stability reflects a balance between ongoing production cuts by OPEC and rising U.S. output.

Factors Influencing Prices

• OPEC Production Cuts: Continued adherence to production cuts by OPEC and its allies is supporting prices.
• U.S. Production: Rising U.S. shale oil production is acting as a counterweight, limiting price increases.
• Geopolitical Risks: Geopolitical tensions in the Middle East continue to be a factor, potentially impacting supply.

Analysts anticipate that prices will remain range-bound in the near term, with potential for volatility depending on geopolitical events and economic data releases.