Crude oil prices made gains on Tuesday as they were affected by two issues—this week’s drone attacks on a key oil pipeline for Kazakhstan’s oil exports and the talks underway to possibly end the war in Ukraine.
The prospects of peace between Russia and Ukraine have some traders optimistic that it could lead to an increase in Russian oil supplies. However, the drone attack on the Kazakhstan pipeline could see a decline of up to 30% for nearly two months.
West Texas Intermediate gained $1.10 or 1.6% to finish the day at $71.84 a barrel on the New York Mercantile Exchange.
Brent rude rose 61 cents to reach $75.83 a barrel.
Natural gas prices continued their upward advance, going up 28 cents or 7.57% to reach $4.01 per MMBtu.
Gainers outnumbered losers among Oklahoma energy stocks on Tuesday. The highest gains were around 2%.