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LONDON—Oil prices dropped on Tuesday, extending losses from the previous day after Russia called peace talks with Ukraine constructive and China’s new lockdowns to curb the spread of the coronavirus hit fuel demand. Brent crude fell $4.55, or 4 percent, to $107.93 a barrel by 1210 GMT, and U.S. West Texas Intermediate (WTI) crude was down $4.64, or 4.4 percent, at $101.32. Both benchmarks lost about 7 percent on Monday. Ukrainian and Russian negotiators met in Turkey for the first face-to-face talks in nearly three weeks. The top Russian negotiator said the talks were “constructive.” Ukraine proposed adopting neutral status in exchange for security guarantees at the talks, meaning it would not join military alliances or host military bases, Ukrainian negotiators said. “Oil prices are under pressure again on expectations about peace talks between Ukraine and Russia, which could lead to an easing of sanctions …” said Hiroyuki Kikukawa, general …