Algiers – Oil prices experienced a slight increase on Tuesday, driven by ongoing geopolitical tensions and concerns surrounding global production stability.
Brent crude, for March delivery, rose by 0.44 percent to settle at $64.22 per barrel. West Texas Intermediate (WTI) crude also saw a similar gain of 0.44 percent, reaching $59.60 per barrel. This marks the first day this contract is being used as the primary trading reference.
The price uptick comes as the market grapples with supply-side concerns, particularly disruptions in Kazakhstan. Analysts have pointed to technical and logistical challenges in the Central Asian nation that have impacted supply flows, thereby fueling anxieties about global production stability.
Market observers believe that future oil price movements will largely depend on the evolution of the geopolitical landscape. The degree to which producing nations adhere to supply stabilization agreements will also be a key factor, as the market remains sensitive to unexpected developments.
The modest gains reflect a cautious optimism tempered by underlying uncertainties in the global energy market. Traders are closely monitoring geopolitical events and production levels, seeking clarity in a volatile environment.
