Oil Prices Drop To $106 On "Meaningful" Progress In Russia-Ukraine Peace Talks
NDTV
Crude oil prices made a U-turn and dropped sharply, over 6 per cent, to about $106 a barrel.
Crude oil prices made a U-turn and dropped sharply, over 6 per cent, to about $106 a barrel after Ukrainian negotiator David Arakhamia said, "the results of today's meeting are sufficient for a meeting at the leaders' level."
A Russian negotiator welcomed "meaningful" progress with Ukrainian representatives at peace talks in the Turkish city of Istanbul over a month after Russia invaded its neighbour.
The benchmark Brent crude futures fell over 6 per cent to about $106 a barrel, and U.S. West Texas Intermediate (WTI) crude was down over 6 per cent at $99.6.
Both those contracts fell about 7 per cent on Monday, as Shanghai's two-stage lockdown offset concerns about tight supply over nine days which was expected to hit fuel demand in China, the world's largest oil importer.
