Oil prices continued to fall on Tuesday to a two-week low after talks between Russia and Ukraine eased fears of supply disruptions and rising COVID-19 cases in China fueled concerns about slowdown in demand, Reuters reports.

The price of a barrel of Brent crude oil in the North Sea fell by 4.4% to $102.16 after hitting $100.05 in the previous session, while the price of a barrel of US WTI crude oil fell by 4.58% , at $98.43, trading for the first time since March 1 under $100.

On Monday, both quotes fell by more than 5%, according to Agerpres.

“Expectations of positive developments in Russia-Ukraine talks have raised hopes of easing restrictions on the global crude oil market. China’s new restrictions have raised fears of a slowdown in demand,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.

“Even in the event of a ceasefire agreement, the price of oil would remain high, with the West still trying to isolate Moscow through sanctions, which will limit the supply of the global oil market,” warned economist Tsuyoshi Ueno. at the NLI Research Institute.