Oil prices stable as market juggles risk sentiment with tight supplies | Reuters

Oil prices stable as market juggles risk sentiment with tight supplies | Reuters

Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs.

Brent crude futures were down 44 cents, or 0.3%, at $119.07 barrel at 1209 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.3%, at $118.15 a barrel, having risen by over $1 per barrel earlier in the session.

"Risk sentiment is responsible for the drop, with European equity markets negative," said UBS analyst Giovanni Staunovo.

U.S. State department authorisation for Eni and Repsol to start shipping Venezuelan crude to Europe from July to replace lost Russian barrels has also weighed on prices in recent days. read more