Oil Prices Edge Higher as Geopolitical Tension and Trade News Lift Market Sentiment
Global crude prices rose on February 3 as supply risks and trade news outweighed a previous slump. Markets focused on fresh geopolitical developments today.
Insights:
Brent futures were up $0.67, or 1.0%, at $66.97 per barrel at 11:23 a.m. EST (1623 GMT) on Feb. 3. Simultaneously, United States 
US West Texas Intermediate (WTI) crude rose $0.76, or 1.2%, to $62.90 on Feb. 3. This modest recovery follows a session on Monday where oil prices slumped more than 4% after President Donald Trump donald trumpsaid Iran 
IRwas seriously talking with Washington. Both crude benchmarks closed at their lowest since January 26 on Monday.
US West Texas Intermediate (WTI) crude rose $0.76, or 1.2%, to $62.90 on Feb. 3. This modest recovery follows a session on Monday where oil prices slumped more than 4% after President Donald Trump donald trumpsaid Iran IRwas seriously talking with Washington. Both crude benchmarks closed at their lowest since January 26 on Monday.Geopolitical instability remains a primary driver for market fluctuations as the conflict involving Russia 
RUcontinues. President Volodymyr Zelenskiy volodymyr zelenskiyof Ukraine 
UAaccused Russiaof exploiting a U.S.-backed energy truce to stockpile munitions. He claimed these were used to attack the country just a day before scheduled peace talks. An overnight attack knocked out heating in cities including Kyiv as Ukrainian negotiators headed to Abu Dhabi in the United Arab Emirates 
AEfor a second round of U.S.brokered trilateral talks set for Wednesday and Thursday.
RUcontinues. President Volodymyr Zelenskiy volodymyr zelenskiyof Ukraine UAaccused Russiaof exploiting a U.S.-backed energy truce to stockpile munitions. He claimed these were used to attack the country just a day before scheduled peace talks. An overnight attack knocked out heating in cities including Kyiv as Ukrainian negotiators headed to Abu Dhabi in the United Arab Emirates AEfor a second round of U.S.brokered trilateral talks set for Wednesday and Thursday.
