Oil prices stabilize as markets monitor diplomatic signals and output plans
Crude prices stabilized on Tuesday as traders assessed potential diplomatic shifts between Washington and Tehran alongside steady production levels from OPEC+.
Insights:
Oil prices found a floor on Tuesday after a significant sell-off in the previous session as investors weighed shifting geopolitical signals and the latest production policy from OPEC+. By 1217 GMT on Feb 3, 2026 Brent crude futures gained 17 cents to $66.47 per barrel and U.S. West Texas Intermediate crude was at $62.38 a barrel, up 24 cents. Earlier in the session, Brent fell to $65.19 per barrel and WTI fell to $61.12 per barrel, which represented the lowest levels in a week for both benchmarks.
The market stabilization follows a meeting on Sunday where OPEC+ agreed to keep its oil output unchanged for March. Russia 
RUDeputy Prime Minister Alexander Novak alexander novakstated that there is currently a balance on the global oil market and predicted that demand will be gradually rising in March and April. Alexander Novakfurther noted that Russiamaintained sufficient volumes of fuel and currently enjoyed a fuel surplus.
RUDeputy Prime Minister Alexander Novak alexander novakstated that there is currently a balance on the global oil market and predicted that demand will be gradually rising in March and April. Alexander Novakfurther noted that Russiamaintained sufficient volumes of fuel and currently enjoyed a fuel surplus.
