Muscat: Brent crude futures for February delivery, expiring on Tuesday, slipped 21 cents, or 0.3 per cent, to $61.73 a barrel. The more actively traded March contract declined 19 cents, or 0.3 per cent, to $61.30. U.S. West Texas Intermediate crude also fell 20 cents, or 0.3 per cent, to $57.88 a barrel.

The modest decline follows a strong rally in the previous session, when both global benchmarks rose by more than two per cent after Moscow accused Kyiv of targeting Russian President Vladimir Putin’s residence, an allegation that heightened fears of possible supply disruptions. Ukraine dismissed the claim, calling it baseless and accusing Russia of attempting to undermine ongoing peace efforts.

Market sentiment was further influenced by a sharp correction in precious metals, with silver and platinum retreating from record highs amid profit-taking after a recent surge.