Oil Prices Fall Further on Hopes for Peace in Ukraine: Lower Prices at the Pump

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Oil prices are falling further on Wednesday. Brent crude is now trading at its lowest level in a month. Potential success in the peace talks between Russia, the US, and Ukraine is putting pressure on prices, according to ING.

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Oil falls on supply concerns, Ukraine war talksBrent crude futures fell to $63.10 a barrel, WTI to $58.61. The decline comes on concerns that supply will exceed demand next year, despite sanctions on Russian supplies.

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Oil prices fell dramatically today, Tuesday, after rising at the previous meeting, where concerns that the supply would exceed next year ' s demand for fears that Russian shipments would remain under sanctions while talks to end the war in Ukraine remained inconclusive.