There's more hurt for a struggling oil market, as U.S. crude prices fell two and a half percent on Tuesday.

The prices fell of $55.40 a barrel, which is on track to finish at a low not seen since Feb. 2021. Brent Crude, which serves as the world benchmark, is also set to drop to a four-and-a-half year low.

Analysts say energy traders are bracing for a possible deal between Russia and Ukraine, which would worsen the supply glut.

However, the oversupplied market is a gift for U.S. drivers getting ready for holiday travel, with gas prices projected to fall around $2.80 a gallon; that price would be the lowest level since 2020.