WASHINGTON (dpa-AFX) - Oil prices were a tad lower on Tuesday, extending losses from the previous session as traders remained focused on the upcoming Fed meeting, stalled Ukraine peace talks and a looming global supply surplus.
Investors also looked ahead to the release of key monthly reports from OPEC and the IEA for additional clues on supply and demand trends.
Benchmark Brent crude futures slipped 0.3 percent to $62.33 a barrel while WTI crude futures were down 0.3 percent at $58.70.
A divided U.S. Federal Reserve is widely expected to cut interest rates by a quarter of a percentage point on Wednesday but the outlook for 2026 remains uncertain.
On the geopolitical front, Vladimir Putin's forces are gaining territory in Ukraine as negotiations on a U.S.-led peace plan appear no closer to ending the war.
The leaders of the U.K. and France have expressed concerns for firm security guarantees for Ukraine, while Germany's chancellor voiced skepticism over details coming from the United States.
As the oil market faces the prospect of a growing surplus, traders looked forward to upcoming EIA and OPEC+ reports for clarity on 2025-2026 demand trends.
Iraq reportedly restored production at Lukoil's West Qurna 2 oilfield, adding to concerns over near-term market oversupply.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News