Oil Prices Fluctuate Amid Ukraine Peace Talks and U.S. Interest Rate Decisions
Oil prices have edged down, extending losses from a previous 2% drop, as markets focus on peace talks to end Russia's war in Ukraine and an upcoming U.S. interest rate decision. Brent crude futures fell by 0.1% to $62.41 a barrel, while U.S. West Texas Intermediate crude dropped by 0.2% to $58.75. The market is reacting to Iraq's restoration of production at Lukoil's West Qurna 2 oilfield and the potential outcomes of Ukraine's revised peace plan discussions with the U.S. and European leaders. Additionally, the Group of Seven and the European Union are considering replacing a price cap on Russian oil exports with a full maritime services ban. 
