U.S. oil futures finished lower on Tuesday, easing back after posting a gain of more than 7% in the previous session. Traders continued to weigh the likelihood of a European Union ban on imports of Russian oil. A meeting of NATO on Thursday “could yield tougher measures against Moscow, potentially confirming the anticipated supply risks to Russian upstream oil” in the short term, said Louise Dickson, senior oil market analyst at Rystad Energy. West Texas Intermediate crude for April delivery fell 36 cents, or 0.3%, to settle at $111.76 a barrel on the New York Mercantile Exchange. The contract expired at the end of the session. The new front-month May WTI contract lost 70 cents, or 0.6%, to $109.27.
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