Ukraine’s support for Russia peace deal sent crude prices falling

Crude oil prices fell more than 1% on Tuesday after Ukraine hinted it might be willing to accept a peace deal with Russia, stoking worldwide concerns of a growing crude oil glut.

Such a deal, if reached, would also involve an easing of U.S. sanctions on Russian oil and potentially add more oil to the world’s supply. Prices have already been hurt because of concerns about a glut in the coming year.

Brent crude, the worldwide benchmark, dropped $1.03 or 1.6% to close at $62.34 a barrel.

West Texas Intermediate crude, the U.S. benchmark, dropped 99 cents or 1.7% and settled at $57.85 a barrel on the New York Mercantile Exchange.

Reuters reported that Ukrainian President Volodymyr Zelenskiy might visit the U.S. in the next few years to finalize the deal with President Trump to end the war.

Natural gas prices dropped more than 3% on Tuesday, settling at $4.390 MMBtu. The decline was $0.159 or 3.50%.

Another split day for Oklahoma energy stocks. While Helmerich & Payne rose more than 3% for the day, others such as NGL Energy Partners fell nearly the same amount.

Alliance Resource Partners LP