Oil prices fell on Tuesday as traders bet that talks over a possible agreement to legitimize or end Russia's invasion of Ukraine could ease sanctions on Russian crude oil, boosting global supply.

Ukraine talks ended without progress, as markets weigh the prospects of a Russia-Ukraine peace deal, looming U.S. tariffs on India, and fresh pipeline disruptions.

If a peace between Russia and Ukraine is reached, there is no downside to oil prices since Russian oil is "already flowing at full throttle,” said Manish Raj, managing director at Velandera Energy Partners.