WTI crude oil futures rose to around $63.1 per barrel on Tuesday, extending gains for a second straight session amid ongoing geopolitical tensions.
A second round of direct peace talks between Russia and Ukraine on Monday failed to yield substantial progress, dampening hopes for a resolution to the 3-year-old conflict.
The talks came a day after an escalation in hostilities, with Ukraine launching drone attacks on Russian air bases, while Russia responded with its largest drone attack since the start of the war.
Meanwhile, OPEC+ kept output increases in July at the same level as the previous two months, easing fears of a larger supply boost that could have put downward pressure on prices.
Additionally, a weaker US dollar boosted the appeal of dollar-denominated commodities like crude oil.
The dollar fell amid renewed trade tensions following President Trump's decision to double tariffs on steel and aluminum imports, alongside intensifying friction between Washington and Beijing.
WDS Price at posting:
$22.23 Sentiment: Buy Disclosure: Held
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