WASHINGTON (dpa-AFX) - Oil futures settled higher on Tuesday amid rising possibility of supply disruptions following an escalation in geopolitical tensions.
The Russia - Ukraine war is turning out to be quite intense with Ukraine launching longer-range, U.S. made missiles to hit a facility in Russia's Bryansk region.
Not much later, Russian President Vladimir Putin signed a decree amending the country's nuclear doctrine. Kremlin Spokesperson Dmitry Peskov said the updated doctrine says Russia 'reserves the right to use nuclear weapons in the event of aggression with the use of conventional weapons against it or the Republic of Belarus, which creates a critical threat to sovereignty or territorial integrity.'
'Aggression against the Russian Federation by any non-nuclear state with the participation or support of a nuclear state is considered a joint attack,' Peskov added, according to NBC News.
West Texas Intermediate Crude oil futures for December closed up $0.23 or about 0.3% at $69.39 a barrel.
Brent crude futures gained $0.09 at $73.39 a barrel.
Production at Sverdup field, which was suspended on Monday due to an incident at an onshore electricity station, has been partially restored. According to a Reuters report, two thirds of the field's 755,000 barrel per day output has been restored on Tuesday.
Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
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