Crude oil turns lower after hitting three-week high

WTI crude oil futures slipped near $64 per barrel on Tuesday, erasing part of its previous 2% rally as traders weighed fresh geopolitical and trade risks. The commodity had hit around three-week high before this moderation. The pullback came after Ukraine’s weekend drone strikes on Russian energy facilities and Trump’s warning of more sanctions if peace talks stall. Adding pressure, the US will impose a 25% tariff on India’s Russian oil imports starting Wednesday, raising demand concerns. On the domestic front, MCX September crude futures dropped nearly 1% to Rs 5645 per barrel. Investors now eye API’s weekly stock report today for near-term cues.