Oil slips on Russia-Ukraine peace deal talks, weak China data

Oil prices fell on Tuesday, adding to the previous session’s losses, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of a potential easing of sanctions. Brent crude futures fell 35 cents, or 0.6%, to $60.21 a barrel by 0350 GMT, while US West Texas Intermediate crude was trading at $56.52 a barrel, down 30 cents, or 0.5%. “Crude oil fell as the market weighed up signs of optimism on a peace deal being reached between Russia and Ukraine,” ANZ analysts said in a note. “This raised concerns that recent US sanctions on Russian oil companies would be ultimately lifted, adding to an already well supplied market.” The US offered to provide NATO-style security guarantees for Kyiv and European negotiators reported progress in talks on Monday to end Russia’s war in Ukraine, an unprecedented step that sparked optimism that talks were drawing closer to negotiating an end to the conflict.