International oil prices reversed course on Tuesday, declining for the first time in three days.
The shift came after a phone call between U.S. President Donald Trump and Russian President Vladimir Putin, during which they discussed ceasefire negotiations in the Ukrainian war, strengthened U.S.-Russia relations, and promoted peace in the Middle East.
The two leaders agreed to immediately begin ceasefire negotiations for the Ukraine conflict in the Middle East, beginning with a 30-day suspension on attacks targeting energy and infrastructure facilities by both Russia and Ukraine.
A potential ceasefire in Ukraine, improved U.S.-Russia relations, and stability in the Middle East are positive factors for a steady oil supply.
Consequently, international oil prices, which had climbed for two consecutive days, dropped.
Brent crude, the global oil benchmark, settled at $71.07 per barrel for May delivery, down $0.51 (0.72%) from the previous session.
The U.S. benchmark, West Texas Intermediate (WTI), saw its April contract decrease by $0.68 (1.01%), closing at $67.58 per barrel.
