Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets.

Crude oil has bounced from key support near $55, but skepticism remains about any sustained upside. With rising production and slowing economic conditions, rallies are viewed as potential selling opportunities rather than a trend change as conditions are so poor.

China's flows of crude oil into storage probably jumped in November to the highest in six months, as a surge in imports overwhelmed steady refinery processing rates.

Energy futures are also being pressured by release of delayed employment data from the Bureau of Labor Statistics that showed the U.S. unemployment rate rose to its highest level in four years. The numbers are raising concerns about the strength of the U.S. economy and energy demand in coming months.

March NY world sugar #11 (SBH26 ) on Tuesday closed down -0.13 (-0.87%), and March London ICE white sugar #5 (SWH26 ) closed down -3.40 (-0.80%). Sugar prices retreated on Tuesday due to a slump in crude oil prices.

Crude oil price extended previous losses to a two-month low as concerns over a supply glut and slowing demand growth continue to weigh on the market.

Chile's state-owned energy company, ENAP, has signed a landmark agreement with four Argentine firms to import crude oil from the Vaca Muerta region.

Global oil prices fell to the lowest levels since February 2921 on Tuesday, with U.S. crude testing $55 a barrel. Renewed hopes for a cease-fire between Russia and Ukraine, record domestic production,

Crude oil inventories in the United States decreased by 1.3 million barrels during the week ending December 12, after losing 1.8 million barrels in the week prior