Crude oil prices fell to levels not seen since the start of 2021 as a widely expected supply glut picked up momentum and peace talks in the Russia-Ukraine conflict took steps forward.
Futures on international pricing benchmark Brent crude (BZ=F) fell by more than 2.8% to trade below $58.86 on Tuesday morning, while futures on US benchmark West Texas Intermediate (WTI) crude (CL=F) temporarily fell by a deeper 3.1% to trade below $55.
Both energy products reached levels Tuesday morning that had not been seen since February 2021 as analysts pointed to an outlook marked by “extraordinary oversupply.”
