WASHINGTON (dpa-AFX) - Oil futures failed to hold early gains and settled lower on Tuesday as concerns about supply disruptions eased following Russian President Vladimir Putin agreeing to refrain from attacking Ukrainian energy infrastructure for 30 days.
Worries about global growth due to the impact of U.S. government's trade tariffs weighed on oil prices.
The Organization for Economic Co-operation and Development has warned that the Trump administration's tariffs would hurt growth in the U.S., Canada and Mexico.
Oil prices climbed higher earlier in the day amid concerns about supplies amid tensions in the Middle East, and on optimism about improved demand after China announced a 30-point plan to boost consumer spending.
West Texas Intermediate Crude oil futures for April ended lower by $0.68 or about 1% at $66.90 a barrel.
Brent crude futures settled at $70.56 a barrel, down $0.51 or 0.76%.
Israel has launched a wave of air attacks across the Gaza Strip, breaking ceasefire and reigniting hostilities after stalled hostage negotiations.
The air raids in the early hours of Tuesday reportedly killed more than 320 people, including many women and children.
Israeli Prime Minister Benjamin Netanyahu said he had ordered the attacks due to a lack of progress in talks to extend the ceasefire and secure the release of remaining captives taken by Hamas in October 2023. The White House has voiced its support for Israel's actions.
A weak dollar limited oil's downside.
Markets now await weekly inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while the EIA inventory data will be out Wednesday morning.
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