By Gina Lee

Investing.com – Oil was down on Tuesday morning in Asia, with investors taking profits from the previous day’s rally and global shares fell. However, any disruption to supplies could be caused by losses that were reduced over the.

They were at $95.90 (23:31 GMT) by 10:30 PM ET and down 0.65% to $95.90 (3:31 AM GMT). The price of WTI futures fell to $94.77, or 0.72%. WTI and Brent futures both reached new highs Monday. Brent’s close was at $96.78, while WTI closed at $95.82.

Fears that Russia, one of the world’s largest oil and gas producers could invade Ukraine have been behind the black liquid’s rally towards $100 per barrel.

In a “sarcastic” comment, Ukrainian President Volodymyr Zelenskiy urged Ukrainians to fly the country’s flags from buildings and sing the national anthem in unison on Feb. 16, the date that some Western media outlets cited as a possible start of a Russian invasion. Russia, however has not yet confirmed plans for an attack.

“Investors scooped up profits from Monday’s rally though they were hesitant to take fresh short positions due to rising tensions in Eastern Europe,”  Nissan Securities general manager of research Hiroyuki Kikukawa told Reuters.

He said that oil markets could see an actual correction if the Iran/U.S. nuke deal is reached or global equity prices tumble more amid concerns over inflation and tighter central bank monetary policies.

While some investors are optimistic about the prospects for oil prices, they have increased more than 30% in three months. The rising interest rate and inflation are also concerns, which prompted some fund managers to make some profit in the week that has just passed.

Talks between Iran and the U.S. to revive their 2015 nuclear agreement continue. Hossein Amir-Abdollahian the Iranian foreign minister said that Iran was in a hurry for a nuclear deal. However, his country’s national interests must be protected.

JP Morgan Global Equity Research predicts that the market will remain tight due to OPEC+ production shortages, and potential spare capacity worries. Prices could even reach $125 per barrel in the second quarter.

Now, investors are awaiting U.S crude oil supply data by the American Petroleum Institute (due later today).