Oil prices fell in early trading on Tuesday, adding to the previous session’s losses, as prospects for a Russia-Ukraine peace deal appeared to strengthen. <\/p>\n
Buena Vista Images | Photodisc | Getty Images<\/p>\n
Oil\u00a0prices fell in early trading on Tuesday, adding to the previous session’s losses, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of a potential easing of sanctions.<\/p>\n
Brent<\/a> crude futures\u00a0fell 24 cents, or 0.40%, to $60.32 a barrel by 0101 GMT, and U.S. West Texas Intermediate<\/a> crude\u00a0was trading at $56.60 a barrel, down 22 cents, or 0.39%.<\/p>\n The U.S. offered to provide NATO-style\u00a0security guarantees\u00a0for Ukraine at talks with the country’s president in Berlin, U.S. officials said, an unprecedented step that sparked optimism in some European capitals that talks were drawing closer to negotiating an end to the conflict.<\/p>\n “Adding to the pressure, soft Chinese economic data released overnight further fueled concerns that global demand may not be strong enough to absorb recent supply growth,” IG market analyst Tony Sycamore said in a note.<\/p>\n China’s\u00a0factory output\u00a0growth slowed to a 15-month low, official data showed on Monday. Retail sales also grew at their slowest pace since December 2022, during the COVID-19 pandemic.<\/p>\n The data raised concerns that China’s strategy of relying on exports to offset weak domestic demand may be faltering. A cooling economy would further pressure demand in the world’s largest buyer of\u00a0oil, where the surging use of electric vehicles is already weighing on petroleum consumption.<\/p>\n Those factors offset concerns about supply after the U.S.\u00a0seized an\u00a0oil\u00a0tanker\u00a0off the coast of Venezuela last week.<\/p>\n Traders and analysts said a glut of floating storage and a surge in Chinese buying from Venezuela in anticipation of sanctions are also\u00a0limiting\u00a0the market impact of the move.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices fell in early trading on Tuesday, adding to the previous session’s losses, as prospects for a…\n","protected":false},"author":2,"featured_media":186900,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[941,357,60097,1130,1435,42,30937,190,43,16755,2388,40,38,41,39,18413,60098],"class_list":["post-186899","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-breaking-news-markets","tag-business-news","tag-commodity-markets","tag-covid-19","tag-energy","tag-headlines","tag-ice-brent-crude-oct25","tag-markets","tag-news","tag-oil-and-gas","tag-russia-ukraine-war","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-venezuela","tag-wt-offshore-inc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/186899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=186899"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/186899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/186900"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=186899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=186899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=186899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}