Oil prices declined on Tuesday as Russia-Ukraine peace talks showed progress.
For May delivery, the West Texas Intermediate lost 1.72 U.S. dollars, or 1.6 percent, to settle at 104.24 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 2.25 dollars, or 2 percent, to close at 110.23 dollars a barrel on the London ICE Futures Exchange.
The above market reactions followed reports of progress in peace talks between Russia and Ukraine.
On Tuesday, the two sides held a fresh round of face-to-face peace talks in Istanbul. Russian chief negotiator said the talks were "constructive."
Meanwhile, traders continued to assess the impact of COVID-19 on fuel demand.
The oil market experienced a substantial pullback on Monday, with the U.S. crude standard and Brent tumbling 7 percent and 6.8 percent, respectively.