Oil Prices Decline
Oil prices fell on Tuesday after a more than two percent increase during the previous session, driven partly by a drop in precious metal prices amid rising tensions between Russia and Ukraine, which have raised market concerns over supply disruptions.
Consequently, the February futures contracts for Brent crude, which are set to expire, dropped by 21 cents or 0.3 percent to $61.73 per barrel by 01:50 GMT. Meanwhile, the more actively traded March contract decreased by 19 cents or 0.3 percent to $61.30.
West Texas Intermediate crude also fell by 20 cents or 0.3 percent to $57.88.
Precious metals saw a sharp decline on Monday, with silver and platinum dropping from record-high levels due to profit-taking following recent gains.
