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Oil prices fell on Tuesday, extending the previous day’s losses after Russia described peace talks with Ukraine as constructive, and China’s new shutdown to curb the spread of the coronavirus hit fuel demand.
Brent crude fell 2% to end the day at $110.23 a barrel, while US West Texas Intermediate (WTI) crude fell 1.62%, down at $104.24 a barrel.
Ukrainian and Russian negotiators met in Turkey for the first face-to-face talks in nearly three weeks.
Russia’s chief negotiator said the talks were “constructive”.
Ukrainian negotiators said Ukraine had proposed adopting a neutral status in exchange for security guarantees in the talks, meaning it would not join military alliances or host military bases.
Prices have also come under pressure after new lockdowns in Shanghai to curb rising coronavirus cases have impacted fuel demand in China, the world’s largest importer.
ANZ Research analysts said Shanghai accounts for about 4% of China’s oil consumption.
