Brent crude oil price is below $60 per barrel for the first time since May
The war in Ukraine And in light of the expectation of a surplus in supply.
Ukrainian President Volodymyr Zelensky announced on Monday that there had been progress in negotiations with the United States, while US President Donald Trump said that reaching an agreement was closer than ever before.
False starts in the negotiations
Dern Nathan, head of the equity research department at Hargreaves Lansdown, said that the year has so far witnessed several false starts in the negotiations regarding Ukraine.
He added "Even without Russian exports, concerns about Chinese demand, as well as increased production by OPEC+ members and other producers, keep prices well below the $80 peak they hit earlier this year."
The price of West Texas Intermediate oil also continued, Oil, the American benchmark, declined on Tuesday after closing on Monday at its lowest levels in nearly 5 years, recording $56.82 per barrel.
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