Oil prices fall below $60

YNP:

Oil prices fell today, Tuesday, by about 1.5%, to less than $60 per barrel, which is their lowest level since May this year, continuing losses from the previous session, amid indications that a peace deal between Russia and Ukraine could be reached, and the possible easing of sanctions on Russian crude that could result.

Brent crude futures fell 1.5%, recording $59.65 per barrel.

While the price of US West Texas Intermediate crude reached $55.87 per barrel, down 1.6%.

U.S. officials said the United States had offered to provide NATO-like security guarantees to Ukraine, in an unprecedented step that sparked optimism in some European capitals that talks were about to enter the negotiation phase to end the conflict, according to Reuters.