New Delhi: Oil prices continued to decline on Friday as traders reacted to early signs that Russia and Ukraine may be moving closer to a possible peace agreement. The prospect of reduced geopolitical tension pushed Brent crude to around 62 dollars a barrel and West Texas Intermediate to about 58 dollars.

Analysts said the market is responding to the idea that an end to the conflict could remove the risk premium that has supported oil prices for more than three years. Even though a peace deal is not guaranteed, any progress in talks is seen as a major step that could change global supply expectations.

A stronger United States dollar also added pressure on crude prices. A firm dollar usually makes oil more expensive for buyers using other currencies, which can reduce demand. Uncertainty

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