Oil falls as Ukraine signals support for Russia peace deal framework

Brent crude futures fell 89 cents, or 1.4%, to US$62.48 a barrel, while US West Texas Intermediate crude futures also fell 89 cents, or 1.5%, to US$57.95 a barrel.

NEW YORK: Oil prices settled over 1% lower on Tuesday after Ukraine hinted that an intense diplomatic push by the US administration to end Russia's war against it could be yielding fruit.

An end to the war in Ukraine could pave the way for the unwinding of Western sanctions against Moscow's energy trade, potentially adding more supply at a time when commodity prices have been battered by expectations of a glut next year.