Oil steadies in Asia after 2% drop on profit-taking

Brent held near $92 and WTI near $85 on Tuesday after both benchmarks fell sharply in the previous session.

Staff Writer
Cargo ships and oil tankers on the Bosporus strait, capturing global trade and maritime logistics at sunset.

Article summary

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Oil prices steadied in early Asian trading on Tuesday after both Brent and WTI fell more than 2% the previous session. Profit-taking after two weeks of gains pulled US crude to its lowest level in a week.

Key points

  • Brent crude dipped to $92.16 a barrel on Tuesday
  • WTI edged up one cent to $85.02 a barrel
  • Both benchmarks had dropped over 2% the previous session

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Oil prices steadied in early Asian trading on Tuesday following a decline of more than 2% in the previous session, as investors booked profits after two consecutive weeks of gains.

Brent crude futures slipped nine cents, or 0.1%, to $92.16 a barrel, while US West Texas Intermediate edged up one cent to $85.02 a barrel.

Both contracts had fallen more than 2% on Monday, with WTI dropping to its lowest level in a week as profit-taking reversed a rally that had built over the preceding fortnight.