Crude oil futures settled lower on Tuesday amid reports indicating that a revised Russia-Ukraine peace plan proposed by the U.S. has been accepted by Ukraine. The U.S. and Ukraine came up with a new, shorter 10-point peace plan, leaving the sensitive elements to be decided by the presidents of the warring nations. Moreover, investors took a cautious approach as the Gaza Peace Plan proposed by U.S. President Donald Trump is successfully moving to the second phase.
Benchmark crude oil futures for January fell $0.89 or 1.51% at $57.95 a barrel on the New York Mercantile Exchange. Brent crude for January delivery declined $0.89 or 1.40% to settle at $62.48 a barrel on London's Intercontinental Exchange.