By Gina Lee

Investing.com – Oil was down on Tuesday morning in Asia, sliding to a two-week low. The talks between Russia and Ukraine to resolve the conflict are continuing. Meanwhile, China has been locked down in protest against the recent COVID-19 epidemic. This raised fuel demand worries.

At 11:42PM ET, the price had fallen to $102.54 (3:42AM GMT) and dropped to $98.84 (4.09%).

Toshitaka Takaw, an analyst at Fujitomi Securities Co. Ltd. said that he expected positive developments to the Russia-Ukraine ceasefire talks.

“Fresh lockdowns that were used to curtail the COVID-19 pandemic of China raised concern about slowing demand,” he said.

The Russian invasion on February 24 triggered the conflict in Ukraine. Efforts continue to be made to put an end this. Volodymyr Zelenskiy, the Ukrainian president, stated Monday that talks with Russia would continue on Tuesday. In a negotiations effort to end war with Russia, he said that he had spoken with Naftali Bennett, the Israeli Prime Minister.

On Monday, the U.S. warned China against supporting Russia’s invasion.

Russia is the second largest crude oil exporter in the world, so supply problems continue to exist as conflict escalates.

Fatih Birol (Executive Director, International Energy Agency) urged Monday oil-producing nations to continue pumping more to stabilise markets. Boris Johnson, the U.K. Prime Minster, will also try to convince Saudi Arabia to raise its oil production and is said to be planning a trip.

On Tuesday, China’s daily case count increased by more than twofold from the previous day to an all-time high of 2,000 cases. The virus is rapidly spreading in northeast China, so Jilin was put under lockdown along with Shenzhen.

Investors are now waiting for, which is due late in the afternoon.