Oil futures end lower on apparent progress in Russia-Ukraine peace talks

Oil futures declined on Tuesday for a second straight session, with prices pressured by reports of progress in peace talks between Russia and Ukraine. Prices have fallen “with Russia signaling a willingness to de-escalate the war against Ukraine,” said Jay Hatfield, chief investment officer at ICAP. “If there is a full cease fire and more of Russia’s oil exports reach the international market, we expect oil to trade in the $80-100 range, supported by incremental demand from a restoration of normal international travel” and a modest increase in production from producers, he said. West Texas Intermediate crude for May delivery CLK22, +1.00% declined by $1.72, or 1.6%, to settle at $104.24 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since March 17, FactSet data show.