WASHINGTON (dpa-AFX) - Oil prices drifted lower on Tuesday amid expectations of looser supply-demand balances next year.
Benchmark Brent crude futures fell 0.7 percent to $62.29 a barrel while WTI crude futures were down 0.7 percent at $58.50.
Oversupply fears lingered following productive talks between the U.S. and Ukraine to narrow the gaps over a peace plan.
Media reports suggest that the U.S.-backed 28-point Russia-Ukraine peace framework has been reduced to 19 points after negotiations in Switzerland.
U.S. Army Secretary Dan Driscoll has held unannounced talks with Russian officials in Abu Dhabi, but the exact nature of talks was not immediately clear.
A modest step toward a diplomatic breakthrough has revived debate on whether sanctions on Russian oil could eventually ease.
The IEA has already warned of global oil surplus in 2025 and progress in Ukraine peace talks may pave the way for increased supplies in the market already struggling to stabilize.
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