New Delhi, Dec. 16 -- Crude oil prices extended their decline on Tuesday, dropping below the $60 per barrel mark, driven by optimism over a potential Russia-Ukraine peace deal and weak economic data from China.

At 1023 GMT, Brent crude futures fell 1.8% to $59.45 a barrel, reaching its lowest price since May this year. US West Texas Intermediate (WTI) crude saw a similar drop, trading nearly 2% lower at $55.71 a barrel.

The main downward pressure stems from strengthening prospects for an end to the Russia-Ukraine conflict, fueled by reports of negotiation progress and a US offer of NATO-style security guarantees for Kyiv. Traders fear that a peace deal could rapidly release additional Russian oil volumes onto the market, exacerbating gl...