Oil futures rose after a first day of talks between the US and Iran ended with the sides agreeing to further discussions, although with Iran refusing to give up enrichment of nuclear fuel.

Oil futures recovered part of the previous day’s losses as India was expected to curtail purchases of Russian crude under a trade deal with the U.S.

In domestic trade, February and March contracts for crude oil moved higher. Global benchmarks like West Texas Intermediate and Brent crude also traded up.

Crude oil futures traded lower on Friday morning after the US eased some sanctions on the oil industry in Venezuela.

WTI crude oil futures drop sharply as Trump’s Iran comments ease geopolitical risks. Technical analysis points to key support tests at $60.66-$59.29.

By Georgina McCartney HOUSTON, Jan 27 (Reuters) - Oil prices rose by more than $1 a barrel on Tuesday as producers reeled from a winter storm that hobbled crude production and drove U.S. Gulf Coast crude exports to zero over the weekend.

The oil market is flashing a warning sign about elevated risks of a U.S. military confrontation with Iran as the weekend draws closer. The Trump administration announced further sanctions Friday aimed at halting the flow of oil revenue that it says Tehran uses to support terrorism.

Crude oil futures ease as diplomacy efforts cap gains, with inventory draws and OPEC production risks supporting the oil outlook in this market analysis.

By Georgina McCartney HOUSTON, Jan 27 (Reuters) - Oil prices settled 3% higher on Tuesday as producers reeled from a winter storm that hobbled crude production and drove U.S. Gulf Coast crude exports to zero over the weekend.