Singapore: Oil prices dipped on Tuesday as supply concerns eased with the resumption of loadings at a Russian export hub, briefly halted by a Ukrainian missile strike, while traders continued to assess the impact of Western sanctions on Russian flows. Brent crude futures were down 28 cents, or 0.4%, at $63.92 a barrel. US West Texas Intermediate (WTI) crude futures were down 26 cents, or 0.4%, at $59.65 a barrel.

According to Qatar News Agency, exports from Novorossiysk and a nearby Caspian Pipeline Consortium terminal, together representing about 2.2 million barrels per day and roughly 2% of global supply, were halted on Friday, pushing crude up more than 2% that day. The resumption of these operations has contributed to the easing of supply concerns, influencing the drop in oil prices observed in early Asian trading. As traders continue to monitor the situation, the impact of Western sanctions on the flow of Russian oil remains a focal point of assessment.