Oil prices slumped Tuesday on hopes for an end to the war in Ukraine that could ease sanctions on Russian crude and thereby add to an already oversupplied market.
The main US oil contract, WTI, slumped 3.1 percent to $55.08 per barrel — the lowest level since February 2021, or around one year before Russia’s invasion of its neighbour.
International oil benchmark, Brent North Sea crude, earlier fell below $60 per barrel for the first time since May.
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