Oil prices fall on Russia-Ukraine peace talk hopes, China demand fears
US crude futures fell on Tuesday, extending losses from the previous day as Ukraine and Russia headed for peace talks and on fears of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in Covid-19 cases.
Brent crude futures were trading down $1.07, or 1.0 per cent, at $111.41 a barrel at 0107 GMT, having dipped as low as $109.97.
US West Texas Intermediate (WTI) crude futures hit a low of $103.46 in an early trade and were down 79 cents, or 0.8 per cent, at $105.17. Both benchmark contracts lost around 7 per cent on Monday.
