WTI crude oil futures slipped to its lowest level in almost two months and was trading at $56.50 per barrel, down over half a percent on Tuesday morning in Asia. Renewed signs of optimism surrounding a deal to end the war in Ukraine is seen weighing on the commodity. US officials said on Monday that an agreement with Ukrainian President Volodymyr Zelenskyy to end its war with Russia was nearly complete, although territorial disputes remain unresolved and a strong security guarantee from the US and European countries remains a sticking point. Going forward, the release of the American Petroleum Institute (API) crude oil stockpiles report later on Tuesday will be closely watched.

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