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(Reuters) - Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption.
Brent crude futures settled down 50 cents, or 0.7%, at $68.71 a barrel. U.S. West Texas Intermediate crude futures were down 46 cents, or 0.7%, at $66.52.
"The focus has been on Donald Trump. There was some fear he might target Russia with sanctions immediately and now he has given another 50 days," said UBS commodities analyst Giovanni Staunovo. "Those fears about an imminent additional tightness in the market have dissipated. That's the main story."
Oil prices had climbed on the potential sanctions, but later gave up gains as the 50-day deadline raised hopes that sanctions could be avoided.
In the event the proposed sanctions are implemented, "it would drastically change the outlook for the oil market," analysts at ING said in a note.
China, India, and Turkey are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the U.S.," ING said.
U.S. stocks finished mostly lower on Tuesday after consumer prices in June posted the biggest increase seen since earlier this year, potentially preventing the Federal Reserve from cutting interest rates later this month.
But Wall Street saw a tale of two markets on Tuesday, as a rally in shares of semiconductor names propelled the tech-heavy Nasdaq Composite to a fresh all-time closing high.
The Nasdaq Composite ended up 0.2% at near 20,677, according to preliminary data from FactSet.
The S&P 500 was off 0.4% to end at around 6,243.
The Dow Jones Industrial Average fell by more than 400 points, or nearly 1%, ending near 44,023.
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