Oil prices on Tuesday slid to their lowest levels since May as traders began to price in the potential impact of a Russia-Ukraine peace deal on a crude market already expected to be heavily oversupplied next year.
The price of Brent crude fell to $59.70 a barrel in early trading, its lowest intraday level since May 5. The international benchmark price has not closed below $60 a barrel since the Covid-19 pandemic.
West Texas Intermediate, the US benchmark, closed at $56.82 a barrel on Monday, its lowest since February 2021.
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