Brent oil price slumps below $60 on Ukraine deal hopes

• Oil prices fall on hopes of a deal to end the Ukraine war, easing sanctions on Russian crude and raising oversupply concerns.
• Brent crude drops below $60 per barrel for the first time since May; WTI also declines amid optimism over peace talks.

Oil prices dropped Tuesday on hopes for a deal to end the war in Ukraine that could ease sanctions on Russian crude, adding to oversupply worries in the market.

International benchmark Brent North Sea crude dropped more than one percent to under $60 per barrel for the first time since May, while the main US crude contract WTI also fell.

US President Donald Trump said Monday that a deal to end Russia's war in Ukraine was closer than ever, after he spoke to Ukrainian counterpart Volodymyr Zelensky and a host of European leaders.