Oil prices slipped in early trade on Tuesday as investors reacted to a potential ceasefire between Israel and Hezbollah, reducing oil's risk premium. The ceasefire reduces the likelihood of tough US sanctions on Iranian crude oil. In Europe, Kyiv, the capital of Ukraine, faced sustained Russian drone attacks. OPEC+ may consider leaving current oil output cuts in place from January 1st, and US President-elect Donald Trump plans to impose a 25% tariff on products from Mexico and Canada, though it is unclear if this includes crude oil imports.
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