Oil near flat after choppy trade; U.S. says export ban not ruled out | Reuters

Oil near flat after choppy trade; U.S. says export ban not ruled out | Reuters

Oil prices were near flat on Tuesday after choppy trade as tight supply worries offset concerns over a possible recession and China's COVID-19 curbs.

Brent crude rose 14 cents to settle at $113.56 a barrel. U.S. West Texas Intermediate (WTI) crude fell 52 cents to settle at $109.77 a barrel.

Oil has surged this year with Brent hitting $139 in March, the highest since 2008, after Russia's invasion of Ukraine exacerbated supply concerns.

Prices fell on Tuesday after U.S. Energy Secretary Jennifer Granholm said U.S. President Joe Biden had not ruled out using export restrictions to ease soaring domestic fuel prices.

"Initially the assumption is that is going to reduce the prices for products in the United States," said Phil Flynn, an analyst at Price Futures Group.