Doha: Oil prices steadied on Wednesday, after falling in the previous session, as markets awaited the impact of the US imposing new tariffs on India in retaliation for its purchases of Russian supplies: Brent crude futures rose 2 cents to $67.24 a barrel, while US West Texas Intermediate (WTI) crude futures were steady at $63.25.

According to Qatar News Agency, both contracts had experienced a decline of more than 2% on Tuesday, following a start to the week that saw prices at two-week highs. The stability in oil prices comes as traders and analysts assess the potential ramifications of the US's decision to levy tariffs on India, one of the world's largest oil consumers, in response to its continued trade with Russia.

The market's attention is focused on how these tariffs might affect global oil demand and supply dynamics. The decision by the US has introduced a new level of uncertainty in the oil markets, which have been navigating a complex landscape of geopolitical tensions and fluctuating demand forecasts.