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Crude futures edged lower Tuesday after news reports said Equinor had resumed partial production at Norway’s massive Johan Sverdup oil field after it had been shut down by a power outage, though downside was limited by concerns around developments in the Russia-Ukraine war.
Russian President Vladimir Putin on Tuesday signed a revised nuclear doctrine declaring that a conventional attack on Russia by any nation that is supported by a nuclear power will be considered a joint attack on his country. It follows President Joe Biden’s weekend decision to allow Ukraine to use long-range missiles to strike deep into Russian territory.
Oil rose Monday over 3% on a combination of factors, including the outage at the Johan Sverdup field, which produces 755,000 barrels a day, as well as a softer U.S. dollar and concerns about intensified fighting between Ukraine and Russia, a major oil producer.
As of around 7:45 AM ET, Tuesday morning, here is a snapshot of prices:
West Texas Intermediate crude for December delivery down 33 cents to $68.83 a barrel on the New York Mercantile Exchange.
January Brent crude, the global benchmark, was down 18 cents at $73.12 a barrel on NYMEX.
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