TOKYO : U.S. crude futures fell on Tuesday, extending losses from the previous day as Ukraine and Russia headed for peace talks and on fears of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in COVID-19 cases.
U.S. West Texas Intermediate crude futures hit a low of $103.46 in an early trade and were down 79 cents, or 0.8per cent, at $105.17. Both benchmark contracts lost around 7per cent on Monday. "A successful ceasefire could also raise the prospect of reviving an Iranian nuclear deal," he added. The market is also waiting on a planned meeting on Thursday by the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+.
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