Oil prices dip as Ukraine peace talks and China's slowdown shake things up
Oil prices slid on Tuesday, thanks to some rare good news: progress in peace talks between Russia and Ukraine.
The US even offered NATO-style security guarantees to Ukraine, raising hopes that tough sanctions might ease up soon—something that could really move oil markets.
Brent crude slipped to $60.32 a barrel, while US crude landed at $56.60.
China's economy cools, changing the energy game
China's latest economic data isn't helping oil demand either.
Factory growth just hit its slowest pace in over a year, and retail sales are lagging too—signs that people aren't spending as much at home.
With China being the world's top oil buyer (and electric cars getting more popular), global demand for oil is feeling the squeeze.
Sanctions drama: Venezuela tanker seized, but China steps in
The recent US seizure of a Venezuelan oil tanker had people worried about supply shocks, but those fears eased when China kept buying Venezuelan oil anyway—and global storage levels stayed high.
So for now, the market seems pretty steady despite all the headlines.