Crude oil prices extended their losses on Tuesday, with West Texas Intermediate (WTI) dropping by more than 2.7% to its lowest level since April, and briefly falling below the $55 mark. Traders digested the latest comments by United States President Donald Trump, who said that peace in Ukraine is “closer now” than ever before. His comments were echoed by Russian Deputy Foreign Minister Sergey Ryabkov, who claimed that the negotiators are “on the verge of resolving this terrible crisis.” Russian President Vladimir Putin also extended the ban on deliveries of his country’s oil and petroleum products to buyers that comply with the Western-imposed price cap, setting the new date to June 30, 2026.WTI for January’s deliveries fell by 2.79% at 10:30 am ET to $55.03 per barrel. At the same time, Brent for February’s settlements dropped 2.58% to $58.80 per barrel.