Oil prices fall on weak demand as markets await Ukraine peace effort for supply signs

Core Insights - Oil prices experienced a decline for the second consecutive day as investors are closely monitoring the potential impact of peace talks in the Russia-Ukraine war on supply levels [1] - Concerns regarding a surplus in the oil market have been amplified by increasing inventories, which are influencing market sentiment [1] Industry Summary - The ongoing conflict between Russia and Ukraine is a significant factor affecting oil supply dynamics, with peace talks potentially leading to increased supply [1] - Rising inventories indicate a growing surplus in the oil market, which is contributing to the downward pressure on oil prices [1]