Oil edged lower after Russia’s offer to cut back military operations around Ukraine’s capital offered a tenuous path forward for the two nations.
Futures in New York fell 1.6% on Tuesday, paring back substantially from a brief plummet below $100 a barrel earlier in the session. West Texas Intermediate futures sank more than 7% after Moscow said it would reduce military operations near Kyiv and signaled a willingness to consider a presidential meeting between Vladimir Putin and Volodymyr Zelenskiy. Talks between negotiators subsequently ended the day without a cease-fire and the U.S. cautioned against declaring progress.
