The slippage of supplies in the U.S. would mark the energy commodity's seventh consecutive week of losses. Brent crude oil futures lost value as Western nations and Russia continued disagreeing over the future of Ukraine, whose Crimea region was annexed by Russia last month.
"The market is starting to look forward to tomorrow's U.S. oil inventory data," states a Tuesday report authored by chief commodities analyst Bjarne Schieldrop with SEB AB in Oslo, according to Bloomberg. "The geopolitical risk is increasing with increasing tension between Russia and Ukraine."
At 9:34 a.m. on Tuesday, WTI crude oil futures rose 0.66 percent, a 66-cent rise to $101.10 per barrel. Brent crude oil futures edged up 0.41 percent, a 43-cent lift to $106.25 per barrel.
The International Business Times reports Russia, recognized as the globe's biggest generator of energy, is under scrutiny due to the Ukraine issue. The supply of oil from Russia is one issue that analysts and economists are watching closely.
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