Oil Steady After Biggest Gain in Weeks as Russian Supply Tightens
Brent futures hover near $76 a barrel, while West Texas Intermediate remains above $72 after consecutive gains.
Russia's oil production fell further below its OPEC+ quota last month, signaling supply constraints.
Despite initial gains due to winter demand and sanctions on Russia, oil prices have declined over the past three weeks due to Trump's tariff threats.
The potential impact of tariffs on oil remains uncertain, but short covering and increased buying suggest a short-term price floor.
Tightness remains in the Middle East market, allowing producers to increase prices for Asian customers.
Soaring natural gas prices in Europe may boost oil demand as an alternative fuel.
Trump's recent escalation in the Middle East may also pose risks to supply.