WTI crude oil futures fell to $58.5 per barrel on Tuesday, paring gains from the previous session, as prospects for a Russia-Ukraine peace deal continue to dominate market sentiment. Reports suggest that the US-proposed 28-point peace plan aimed at ending the Ukraine war has been reduced to 19 points after discussions in Switzerland as they try to make the framework more acceptable to Ukraine, though it remains unclear which points were removed. Should a deal materialize, it could lead to the easing of sanctions on Russian oil, which could bring additional supply back into a market already bracing for a significant surplus next year. WTI crude rose more than 1% on Monday, supported by a broad rally across financial markets amid growing expectations that the Federal Reserve may cut interest rates next month.
