Oil prices fell again on Tuesday, adding to losses from the previous day, as markets reacted to growing hopes of a peace deal between Russia and Ukraine. Traders are betting that any agreement could lead to sanctions on Russia being eased, which would bring more oil back into global markets.
Brent crude dropped 35 cents, or about 0.6%, to $60.21 a barrel by early morning trading. U.S. West Texas Intermediate also slipped, falling 30 cents, or 0.5%, to $56.52 a barrel.
The market is now closely watching political signals and diplomatic talks, as any shift could quickly change global oil supply expectations. For now, the outlook of more supply has pushed prices lower, keeping pressure on oil markets.
