Oil prices experienced downward pressure in early Asian trading on Tuesday, influenced by positive developments in Russia-Ukraine peace negotiations and weaker-than-expected economic data from China. This combination of factors has dampened market sentiment, contributing to the decline in crude oil benchmarks. Currently, WTI Crude is priced at $56.49 per barrel, reflecting a 0.6% decrease, while Brent Crude stands at $60.20, also down by approximately 0.6%. These figures indicate a continuation of the downward trend observed in the previous session, as market participants remain cautious amid geopolitical and economic uncertainties.
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Over the past month, WTI Crude has seen a decline of 3.37%, while Brent Crude has dropped by 3.84%. The one-day technical analysis for both WTI and Brent Crude suggests a Sell signal, indicating potential further downside in the short term. Investors are advised to monitor these developments closely as geopolitical and economic factors continue to influence market dynamics. Investors can explore more updates, prices, and analysis across global markets at Commodities.