Oil prices in the global market recorded a slight decline on Tuesday.
The international benchmark Brent crude fell by 2 cents to $62.47 per barrel. U.S. West Texas Intermediate (WTI) crude dropped by 4 cents, settling at $58.84 per barrel. Both benchmarks had fallen by more than a dollar on Monday after Iraq resumed production at Lukoil’s West Qurna-2 oil field, one of the world’s largest oil fields.
Meanwhile, Ukrainian President Volodymyr Zelensky announced after meeting the leaders of the U.K., Germany, and France in London that Ukraine will share a revised peace plan with the United States. Analysts believe that peace negotiations will play a key role in determining future price trends.
Sources say the G7 and the European Union are considering replacing the current price cap on Russian oil with a complete maritime services ban in order to further reduce Russia’s oil revenue.
For the coming year, analysts at BMI have forecast that oil prices will remain under pressure in 2026 due to oversupply. However, they note that slowing U.S. shale production and steadily rising demand could help rebalance the market by the end of the year, potentially leading to some price recovery.
