Oil steadies with Ukraine peace talks, US rate decision in spotlight

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.

Raccontata daarabnews.com