Baghdad: Oil prices fell in early Asian trading on Tuesday, extending losses from the previous session, as supply concerns eased and loadings resumed at a Russian export hub that had been briefly halted by a Ukrainian air attack. Traders continued to assess the impact of Western sanctions on Russian oil flows. Brent crude futures fell 28 cents, or 0.4%, to $63.92 a barrel, while U.S. West Texas Intermediate crude futures dropped 26 cents, or 0.4%, to $59.65 a barrel.

According to National Iraqi News Agency, the decline in oil prices is attributed to the resumption of loadings at a Russian export hub. This development comes after operations were briefly halted due to a Ukrainian air attack. The resumption of loadings has alleviated immediate supply concerns, prompting a further decline in oil prices.

Traders are also evaluating the ongoing impact of Western sanctions on Russian oil flows. These sanctions have created uncertainty in the market, influencing trading decisions and contributing to the volatility
in oil prices. The market’s focus remains on how these sanctions will shape the supply dynamics in the coming weeks.