Brent crude futures were down $1.1, or 1.8%, at $61.11 a barrel
Oil Prices Fall as Focus Shifts to Ukraine Peace Talks
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Oil prices fell more than $1 on Thursday as investors shifted focus back to Russia-Ukraine peace talks and monitored potential fallout from a U.S. seizure of a sanctioned oil tanker off the coast of Venezuela.
Brent crude futures were down $1.1, or 1.8%, at $61.11 a barrel at 1408 GMT, hovering near the lowest since Oct. 21.
U.S. West Texas Intermediate crude fell $1.07, also around 1.8%, to $57.39 a barrel, its lowest in over two weeks.
Russian Foreign Minister Sergei Lavrov said on Thursday that a visit to Moscow this month by U.S. envoy Steve Witkoff had resolved misunderstandings between the two countries.
He added that Moscow had handed over Russia's proposals on collective security guarantees to Washington.
The benchmarks settled higher a day earlier after the U.S. said it seized an oil tanker off the coast of Venezuela, as escalating tensions between the two countries raised concerns about supply disruptions.
"So far, the seizure has not trickled down to the market, but further escalation will impose heavy crude price volatility," said Emril Jamil, a senior oil analyst at LSEG.
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