Crude prices slide on increasing expectation of interest rate cut

Oil prices edged lower on Tuesday after falling 2% in the previous session, with investors keeping a close eye on peace talks to end Russia's war in Ukraine, concerns about ample supply and a looming decision on US interest rates.

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Brent crude futures settled down 55 cents, or 0.88%, at $61.94 a barrel. US West Texas Intermediate (WTI) crude fell 63 cents, or 1.07%, to $58.25 a barrel.

Both contracts fell by more than $1 a barrel on Monday after Iraq restored production at Lukoil’s West Qurna 2 oil field, one of the world’s largest.

Ukrainian President Volodymyr Zelensky’s government will share a revised peace plan with the US after talks in London between Mr. Zelensky and the leaders of France, Germany and Britain.

Peace between Ukraine and Russia could lead to the removal of international sanctions on Russian companies and free up restricted oil supply.