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Investing.com-- Oil prices were steady in Asian trading on Tuesday, holding on to gains from the previous session as OPEC+ reaffirmed it will pause production increases in the first quarter, while traders continued to assess supply risks stemming from geopolitical tensions.
As of 21:18 ET (02:18 GMT), Brent Oil Futures expiring in February edged up 0.1% to $63.23 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $59.42 per barrel.
Oil holds gains amid supply risks
Both contracts jumped over 1% on Monday after OPEC+ ministers on Sunday confirmed the group would hold output steady through the first quarter of 2026 after raising supply by nearly 3 million barrels per day since April.
Delegates said the pause reflected a desire to stabilise the market amid uneven demand and the threat of supply disruptions.
The group also endorsed a new mechanism to assess each member’s maximum production capacity between January and September next year to determine more transparent quotas for 2027.
Meanwhile, traders assessed the impact of attacks on Russian energy sites and worsening tensions between the United States and Venezuela.
Among the most significant is the growing frequency of Ukrainian drone strikes on Russian infrastructure. A recent attack temporarily disrupted loadings at the Caspian Pipeline Consortium’s Black Sea terminal, a key conduit for Kazakh and Russian crude.
Although operations have resumed at one mooring, the incident highlighted the vulnerability of Russian flows.
US-Venezuela tensions in focus; Fed cut eyed
At the same time, tensions between Washington and Caracas have deepened after U.S. officials signalled they may tighten restrictions on Venezuela, including closing their airspace.
The move followed rising U.S. pressure on Venezuela, with Trump accusing the country of allowing drug shipments to flow from its territory.
Oil has also been supported by rising bets of a Federal Reserve rate cut next month -- a move which typically boosts economic growth expectations, and encourages investment and speculative demand for crude.
Trader now see an over 85% chance of a rate cut next week, up from a measly 40% chance last month, according to FedWatch tool.