The company resumedEquinor“Production is partly in the largest oil field in Europe West after a power outage.
The power outage in the field located in the North Sea helped prices rise by more than three percent on Monday.
Price movements
Crude futures fell Brent By 45 cents, or 0.6 percent, to $72.85 per barrel, by 09:15 GMT, US West Texas Intermediate crude futures also fell by 46 cents, or 0.7 percent, to $68.70 per barrel.
The dollar rose on Tuesday, near its highest level in a year.
A strong dollar makes commodities such as oil more expensive for holders of other currencies and tends to put pressure on prices.
Prices received support from a separate outage, as the Kazakh Ministry of Energy said that the Tengiz field, the largest oil field in the country, reduced production by 28 to 30 percent to carry out maintenance work that is expected to be completed by Saturday.
Rising geopolitical tension also contributed to supporting prices Oil.
In a major shift in Washington policy, President Joe Biden’s administration allowed Ukraine to use American-made weapons to strike deep into Russia, according to US officials and a source familiar with the decision on Sunday.
The Kremlin said yesterday, Monday, that Russia would respond to what it described as the reckless decision of the Biden administration, after warning earlier that such decisions would increase the risk of a confrontation with NATO led by the United States.
“Investors remained cautious in assessing the direction of the war between Russia and Ukraine after the escalation we witnessed at the weekend,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.
