Oil falls more than 1%, closes below $63

Oil drilling rigs

Oil prices fell at the close of trading on Dec. 2, as the US-mediated peace talks between Russia and Ukraine were assessed against growing concerns about a global supply glut.

Brent crude futures for February delivery fell 1.14%, or 72 cents, to $62.45 a barrel. WTI crude oil futures for January delivery declined by 1.15% or 68 cents to $58.64 a barrel.

Investors focused their attention on talks to end the war in Ukraine, after Russian President Vladimir Putin met with US Special Envoy Steve Witkoff and the president's son-in-law, Jared Kushner, at the Kremlin.

Ahead of the meeting, Putin warned European countries that Moscow was "ready to fight" if the continent sought to do so, and threatened to cut off Ukraine's access to the sea in response to drone attacks targeting tankers from Russia's shadow fleet in the Black Sea.