Oil continues to fall with anticipation of peace talks between Russia and Ukraine and the decisions of the US Federal Reserve

 Oil prices fell today, Tuesday, continuing losses that amounted to 2% in the previous session, while investors closely monitor developments in the peace talks aimed at ending the Russian-Ukrainian war, in addition to concerns about the abundance of supplies and the approaching issuance of an important decision on US interest rates.

 

 

Brent crude futures fell by 7 cents, or 0.1%, to… $62.42 per barrel, and US West Texas Intermediate (WTI) crude fell by 13 cents, or 0.2%, to $58.75 per barrel, according to the American (Investing) website.

 

They fell by more than a dollar per barrel yesterday, Monday, after Iraq restarted production in the West Qurna field – 2, which is managed by the Russian company Lukoil, and is considered one of the The largest oil fields in the world.

 

Ukraine is preparing to present a modified peace plan to the United States following a meeting in London that brought together Ukrainian President Volodymyr Zelensky with the leaders of France, Germany and Britain.

 

Economic analysts said: "Oil is moving in a narrow range until the direction of the talks becomes clear. Peace".

 

According to informed sources, the G7 alliance and the European Union are holding discussions to replace the Russian oil price ceiling with a complete ban on maritime and shipping services related to it, in an attempt to limit Moscow’s oil revenues.

 

Some analysts are monitoring supply indicators in the upcoming International Energy Agency (IEA) report.

Dealers are awaiting the decision of the US Federal Reserve Board tomorrow, Wednesday, as Markets are pricing in an 87% probability of a quarter-point rate cut.

A rate cut usually supports demand for oil because it reduces borrowing costs, but some analysts are cautious about the impact on prices in light of the expected abundance of supplies.

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