Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets.

Brent oil prices fell below $60 per barrel on Tuesday, slipping more than 1.5% as hopes for a Russia-Ukraine peace deal strengthened. Brent crude oil prices dropped under $60 per barrel this morning,

Oil prices fell sharply as optimism increased for a Russia-Ukraine peace deal, sending Brent crude below $60 a barrel to its lowest level since May.

Oil prices slid on Monday as investors balanced disruptions linked to escalating U.S.-Venezuelan tensions with oversupply concerns and the impact of a potential Russia-Ukraine peace deal.

"The administration is pushing for $40 per barrel crude oil, and with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear," one survey respondent said. "The oil industry is once again going to lose valuable employees."

Crude oil prices rise; trade strategy suggests going long if futures break ₹5,500 resistance for potential gains.

Crude oil prices edged lower on Wednesday ahead of the Fed interest rate decision. While the market is increasingly confident of an interest rate cut of 25 basis points, a hawkish guidance, or at least a non-committal position,

U.S. crude fell below $55 a barrel to its lowest since early 2021 as markets reacted to surplus concerns and a potential peace deal in Ukraine.

Oil prices plunged to their lowest levels since early 2021 as oversupply fears, weak demand signals, and bearish technical patterns across crude, natural gas, and the U.S. Dollar Index reinforced a broader global risk reset.

Crude oil price extended previous losses to a two-month low as concerns over a supply glut and slowing demand growth continue to weigh on the market.