Oil is on the decline for the second day in a row

Oil prices fell slightly on Wednesday morning for the second day in a row, as traders are watching the developments of the Ukrainian peace talks, and watching the US doubling tariffs on India for its purchases of Russian oil.

The focus remained on developments between Russia and Ukraine, which have recently stepped up their attacks on each other's energy infrastructure.

At the same time, the United States is set to double tariffs on some Indian goods to 50% today due to its oil trade with Russia, although analysts noted limited supply concerns, as the Indian government has not ordered a moratorium on Russian oil, and refiners intend to maintain most purchases.

Investors are also watching the broader uncertainty in the market in the wake of concerns about the independence of the Fed.

Brent and WTI fell by 0.3% to USD 66.50 and USD 63.00 per barrel, respectively, after falling by more than 2.5% in the previous session.