Offshore oil rig<\/p>\n
Huizeng Hu | Moment | Getty Images<\/p>\n
Oil\u00a0prices steadied on Tuesday after slipping 2% in the previous session, as market participants kept a close eye on peace talks to end Russia’s war in Ukraine and a looming decision on U.S. interest rates.<\/p>\n
Brent<\/a> crude futures\u00a0were down 2 cents, or 0.03%, to $62.47 a barrel at 0101 GMT. U.S. West Texas Intermediate<\/a> crude\u00a0was at $58.84, down 4 cents, or 0.07%.<\/p>\n Both contracts fell by more than $1 on Monday after Iraq\u00a0restored production\u00a0at Lukoil’s West Qurna 2\u00a0oilfield, one of the world’s largest.<\/p>\n Ukraine will share a\u00a0revised peace plan\u00a0with the U.S. after talks in London between President Volodymyr Zelenskyy and the leaders of France, Germany and Britain.<\/p>\n “Oil\u00a0is keeping to a tight trading range until we get a better idea of which way the peace talks will go,” KCM Trade chief market analyst Tim Waterer said.<\/p>\n “If the talks break down, we expect\u00a0oil\u00a0to move higher, or if progress is made, and there is a likelihood of Russian supply to the\u00a0global\u00a0energy market resuming, prices would be expected to drop,” he added.<\/p>\n According to sources\u00a0familiar with the matter, the Group of Seven countries and the European Union are in talks to replace a price cap on Russian\u00a0oil\u00a0exports with a\u00a0full maritime services ban\u00a0in a bid to reduce Russia’s\u00a0oil\u00a0revenue.<\/p>\n