Oil prices steady as markets debate Middle East crisis and OPEC supply

Oil prices steadied in early trade on Tuesday after sliding in the previous session. Brent crude futures rose 18 cents to $76.30 a barrel, while U.S. West Texas Intermediate crude futures inched up 6 cents to $70.83 a barrel. Concerns persist about the Gaza war as the Israeli military has said the fight against Hamas will continue. The conflict could disrupt Middle Eastern oil supplies. On the supply side, OPEC oil output rose in December as increases in Angola, Iraq, and Nigeria offset cuts by Saudi Arabia and other OPEC+ members. The market is awaiting U.S. inventory data from the American Petroleum Institute industry group later in the day.