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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $57.65 during the early Asian trading hours on Tuesday. The WTI price drifts higher amid geopolitical risks. Traders await the release of the American Petroleum Institute (API) crude oil stockpiles report on Tuesday for fresh impetus.

Reuters reported on Monday that Russia accused Ukraine of launching a drone strike on the Russian presidential residence in northern Russia, prompting Moscow to reconsider its stance in peace negotiations. Ukraine dismissed Russian statements about the drone attack, and its foreign minister said Moscow was seeking "false justifications" for further strikes against its neighbor. Dented peace hopes in Ukraine could underpin the WTI price in the near term. 

"Unless Russia surprises the world by backing away from previous demands regarding territory and security guarantees, we are looking for the complex to edge higher through the rest of this week and next week," oil trading advisory firm Ritterbusch and Associates said.

Additionally, US President Donald Trump warned on Monday that the US would launch another major military strike on Iran if Tehran is found rebuilding its ballistic missile or nuclear weapons programs, while also issuing a stark ultimatum to Hamas to disarm or face severe consequences. Renewed Iran tensions raise the prospect of higher oil risk premiums and lift the WTI price.

On the other hand, concerns about a global glut might cap the downside for the black gold. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a modest production hike of 137,000 barrels per day (bpd) for December. 

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