NEW YORK: Oil prices eased about one per cent on Tuesday as US President Donald Trump and Russian President Vladimir Putin discussed moves to end the threeyear-old war in Ukraine, which could result in a possible easing of sanctions on Russian fuel exports.

Earlier in the day, prices hit a two-week high on worries that instability in the Middle East could reduce oil supplies, and hopes that economic stimulus plans in China and Germany couldboost demand for the fuel in two of the world`s biggest economies.

Brent futures fell 52 cents, or 0.7pc, to $70.55 a barrel by 12:33 p.m. EDT (1633 GMT), while US West Texas Intermediate (WTI) crude fell 66 cents, or 1pc, to $66.92.

Even if the US and Russia work out a ceasefire in Ukraine, many analysts said they expect it will take a long while before Russian energy exports increase in a major way.-Reuters