Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets.

Oil prices were on track Tuesday to settle at their lowest since early 2021 as weak economic data from the U.S. and China dulled the outlook for energy demand. China's factory output growth slowed to a 15-month low in November,

Russian crude prices are at their lowest since the war in Ukraine began, as sanctions deepen the discounts the nation’s oil industry needs to offer and benchmark futures tumble.

By Yuka Obayashi TOKYO, Dec 12 (Reuters) - Oil prices rose on Friday as the prospect of the U.S. intercepting more Venezuelan oil tankers deepened supply concerns, but remained on track for a weekly decline amid optimism over a possible Russia-Ukraine peace agreement.

The U.S. stock market drifted through a mixed day of trading after reports on the economy did little to clear uncertainty about where interest rates may be heading

For example, US shale is known to be profitable at around $70 per barrel. As pressure mounts, producers can be squeezed out of the market, which can then result in a too-short supply in the future, potentially raising future prices in the energy commodity.

Oil prices climbed after President Trump announced a blockade of sanctioned Venezuelan oil tankers, though weak global fundamentals capped the market’s upside.