The West Texas Intermediate for February delivery dropped 3 cents, or 0.04 percent, to settle at 79.53 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained 41 cents, or 0.5 percent, to settle at 84.33 dollars a barrel on the London ICE Futures Exchange.
The above market reactions came after reports that some U.S. oil refiners were beginning to come back online Tuesday after a temporarily closure last week by a brutal winter storm.
Elsewhere, Russian President Vladimir Putin signed a decree on Tuesday banning oil supplies to countries that have introduced price caps on Russian oil and petroleum products, according to the decree published on the Kremlin's website.
The decree will go into effect on Feb. 1 and be valid until July 1, 2023. The ban on oil will become effective on Feb. 1 and the Russian government will decide the date for the ban on petroleum products, which will be no sooner than Feb. 1.
Earlier this month, the European Union, the Group of Seven nations and Australia implemented a price cap on Russian seaborne crude oil at 60 U.S. dollars per barrel. Under the price cap, insurance, finance and other services for Russian oil shipments will be banned if the fuel sells for a higher price than the limit.
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