Crude oil futures ended slightly lower on Tuesday amid reports of Russia and Ukraine have agreed to a partial ceasefire covering the Black Sea. Traders became optimistic after Russia and Ukraine have agreed to eliminate the use of force in the Black Sea after parallel talks with US negotiators. However, Kremlin said a maritime ceasefire would start only if it received sanctions relief on agricultural exports. However, the oil prices declined marginally on the back of supply worries following the U.S. President Donald Trump's threat that he will impose 25% tariffs on imports from countries that buy oil from Venezuela. Trump claimed that Venezuela has purposefully and deceitfully sent criminals, including violent individuals and members of gangs like Tren de Aragua, to the U.S.
Benchmark crude oil futures for May closed lower by $0.11 or about 0.16% at $69.00 a barrel on the New York Mercantile Exchange. Brent crude for May delivery gained $0.02 or about 0.03% to settle at $73.02 a barrel on London's Intercontinental Exchange.