Brent trades above $98, WTI crude sheds more than $8.5

Oil drilling rigs

Oil prices edged lower on Tuesday amid updates on the spread of coronavirus and Russia-Ukraine conflict. Investors are also awaiting the monthly OPEC oil report.

The international benchmark Brent crude was trading down 8.03% at $98.32 per barrel, at 2.35 am Makkah time.

West Texas Intermediate (WTI) crude fell 8.31% to $94.31 a barrel.

Russian and Ukrainian delegations held a fourth round of talks on Monday, but no new progress was announced. Ukraine said it held the talks with Russia on a ceasefire, immediate withdrawal of troops and security guarantees despite the fatal shelling of a residential building in Kyiv.

Meanwhile, a renewed outbreak of COVID-19 in China, with Omicron spreading rapidly, is leading to more shutdowns in the country, which is the world's largest importer of oil.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) is scheduled to release its monthly production report for February later today.