Oil Drops on Positive Signals From Russia-Ukraine Peace Talks

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, Calif., on March 11, 2022. Picture taken with a drone. Bing Guan/Reuters

LONDON—Oil prices dropped on Tuesday, extending losses from the previous day after Russia called peace talks with Ukraine constructive and China’s new lockdowns to curb the spread of the coronavirus hit fuel demand.

Brent crude fell $4.55, or 4 percent, to $107.93 a barrel by 1210 GMT, and U.S. West Texas Intermediate (WTI) crude was down $4.64, or 4.4 percent, at $101.32. Both benchmarks lost about 7 percent on Monday.