Brent oil prices have dipped below the $60 mark as optimism surrounding a potential peace agreement in Ukraine has grown. This development led to a 2% decline in oil prices early Tuesday, with Brent Crude futures falling 2.10% to $59.29 per barrel, marking the lowest level since May. Similarly, WTI Crude, the U.S. benchmark, experienced a 2.22% drop, trading at $55.56 per barrel. The U.S. oil price has seen a significant decline of 22% year-to-date, setting it on course for its poorest performance since 2018, while Brent has decreased by 20% over the same period.
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Over the past month, Brent Crude has decreased by 5.50%, while WTI Crude has seen a 5.12% decline. The current one-day technical analysis signals for both WTI Crude and Brent Crude indicate a ‘Sell’ recommendation. These movements reflect broader market uncertainties and the potential impacts of geopolitical developments on energy prices. Investors can explore more updates, prices, and analysis across global markets at Commodities.