Oil falls over 2% as supply disruption concerns ease

Oil drilling rigs

Oil prices dropped more than 2% on Tuesday, erasing the previous session’s gains, as investors monitored developments in the Russia–Ukraine conflict and fading fears of supply disruptions from Moscow.

Brent crude futures for October delivery fell 2.3%, or $1.58, to settle at $67.22 per barrel.

U.S. WTI (Nymex) crude futures for October delivery declined 2.39%, or $1.55, to $63.25 per barrel.

Despite intensified Ukrainian attacks on Russian oil refineries, Moscow increased its August crude export plan from western ports by 200,000 barrels per day, Reuters reported, citing informed sources.

Investors are awaiting the American Petroleum Institute’s weekly US inventory report due later today, ahead of the official data release from the Energy Information Administration on Wednesday.