LONDON: Oil prices steadied on Tuesday after falling 2 percent in the previous session, with investors keeping a close eye on peace talks to end Russia’s war in Ukraine, concerns about ample supply and a looming decision on US interest rates.
Brent crude futures edged 22 cents higher, or 0.4 percent, to $62.71 a barrel at 1145 GMT. US West Texas Intermediate crude gained 20 cents, or 0.3 percent, at $59.08 a barrel.
Both contracts fell by more than $1 a barrel on Monday after Iraq restored production at Lukoil’s West Qurna 2 oilfield, one of the world’s largest.
Ukraine will share a revised peace plan with the US after talks in London between its President Volodymyr Zelensky and the leaders of France, Germany and Britain.
“Oil is keeping to a tight trading range until we get a better idea of which way the peace talks will go,” KCM Trade chief market analyst Tim Waterer said.
