Oil prices were little changed on Tuesday amid signs tensions in the Middle East could be easing and uncertainty about US oil inventories, with Brent futures falling by 5 cents to $82.47 a barrel and the US West Texas Intermediate (WTI) futures held steady at $78.26.

Analysts warned that the war premium is going away as it is looking more likely that there will not be a disruption in supply in the Middle East.

Oil has fallen sharply since mid-October as the Israel-Hamas war risk premium evaporated and doubts set in about the demand outlook, before rising in the three days through Monday.

Source: Business Post