Oil prices were little changed on Tuesday, stabilizing after recent gains as traders balanced optimism over easing U.S.-China trade tensions with reports that OPEC+ may consider another production increase.
Brent crude futures slipped 0.1% to $65.59 a barrel, while West Texas Intermediate (WTI) futures edged down 0.1% to $61.26.
Prices had rallied last week after Washington imposed fresh sanctions on Russian oil giants Lukoil and Rosneft, sparking supply concerns. However, momentum eased following reports that at least eight OPEC+ members support a plan to raise output by about 137,000 barrels per day starting in December.
Traders also monitored geopolitical developments ahead of this week’s meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea. The two sides reportedly reached a preliminary trade framework, an encouraging sign that helped offset supply-side worries and provided some stability to oil markets.