© Reuters.
Investing.com– Oil prices rose slightly Tuesday as expectations of tighter supplies were boosted by more output curbs in Russia, although the potential of an Israel-Hamas ceasefire limited gains.
By 09:25 ET (14.25 GMT), the futures traded 0.1% higher at $82.06 a barrel and the contract traded largely unchanged at $86.08 a barrel.
A tight outlook for crude supplies put oil prices close to four-month highs hit earlier in March, but the prospect of fewer geopolitical disruptions in the Middle East limited any more upside in oil markets.
Oil prices also benefited from some weakness in the , as the greenback consolidated ahead of more cues on inflation and interest rates later this week.
UN passes Gaza ceasefire regulation
The UN Security Council on Monday voted in favor of a resolution calling for an immediate ceasefire between Israel and Hamas in the Gaza strip, at least for the holy Muslim month of Ramadan, with the U.S. abstaining.
But whether the resolution could result in an actual ceasefire being enforced still remained to be seen.
The prospect of an Israel-Hamas ceasefire had weighed on oil prices in recent sessions, given that stability in the Middle East presents fewer disruptions in oil production and shipping activity.
Russia supply disruptions boost oil prices, OPEC+ sees no change in policy
Production cuts in Russia were a key point of support for oil, helping limit any losses in recent sessions after a series of debilitating Ukrainian strikes on key Russian fuel refineries.
The strikes heralded weaker fuel supplies in the coming months.
Russia also reportedly ordered local oil companies to further cut production in order to comply with lower production targets set by the Organization of Petroleum Exporting Countries and allies (OPEC+) until end-June.
Other reports showed that OPEC+ members saw no need for further reductions in supply, and that curbs which were in place until end-June were sufficiently tightening global oil markets.
The details its latest estimate of U.S. crude inventories later in the session.
U.S. crude stocks fell by 1.95 million barrels for the week ended March 8, official data from the showed last week, compared with expectations for a draw of 0.9 million barrels.
(Ambar Warrick contributed to this article.)
