Oil slides as Ukraine supports Russia peace deal

Oil prices settled over 1% lower on Tuesday after Ukraine hinted that an intense diplomatic push by the US administration to end Russia’s war against it could be yielding fruit.

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An end to the war in Ukraine could pave the way for the unwinding of Western sanctions against Moscow’s energy trade, potentially adding more supply at a time when commodity prices have been battered by expectations of a glut next year.

Brent crude futures fell 89 cents, or 1.4%, to $62.48 a barrel, while US West Texas Intermediate (WTI) crude futures also fell 89 cents, or 1.5%, to $57.95 a barrel. Both benchmarks hit their lowest levels since Oct. 22 during intraday trading.