Oil prices fell on Tuesday as traders thought a possible cease-fire in Russia's war with Ukraine might lead to easing or the end to sanctions on Russian crude oil, which would in turn boost global supply.

The price of crude oil dropped to $62.46 a barrel Monday morning, part of a downward trend that some analysts say could continue into next year. The lower cost may be a sign of a global economic slowdown,

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.