Uncertainty in financial markets also dragged crude oil trading to fall from a seven -year high.
Still, ongoing concerns about the turmoil between Ukraine and Russia helped balance the crude oil market to return to stable trading in today’s trading session.
Earlier, oil prices had recorded their biggest fall for the year on Monday due to a downturn in the Wall Street stock market and profit -taking activity by investors.
This caused crude oil trading to close 2% lower in the previous session. Uncertainty in the market was largely influenced by investor anxiety ahead of the FOMC policy meeting.
Even so, in line with the stock market rebounding before the end of the New York session, black commodity trading also got a boost to rebound in the Asian session.
The increase was also supported by market concerns over developments on the crisis between Russia and Ukraine that have involved intervention from the United States.
Towards the opening of the European session, Brent crude futures traded steady at around $ 87 a barrel. Meanwhile, US WTI trading was slightly changed at $ 84 a barrel.
