Crude oil rose slightly. WTI rose 0.3% to close above $68 a barrel. Brent crude was basically flat at around $72 per barrel.
Traders focused on the Organization of Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) market outlook later this week, as well as the US consumer price index on Wednesday, which will be the last major economic data report before the Federal Reserve's policy meeting.
Tensions in the Middle East continue to fester. The fall of the Assad regime has left a power vacuum, and various factions fighting for control may lead to more turmoil. Markets are concerned about whether this will have spillover effects elsewhere in the region.
The US Energy Information Administration (EIA) wrote in a Tuesday report: “The escalation of regional conflicts may reduce oil supply, and regional political uncertainty may increase risk premiums.”
WTI crude oil futures for January delivery rose 0.3%, and the settlement price was $68.59 per barrel.
The settlement price of Brent remained essentially flat in February, at $72.19 per barrel.