Oil drops $2 on positive signals from Russia-Ukraine peace talks | Reuters
Oil prices closed down $2 on Tuesday, as talks progressed between Russia and Ukraine to end their weeks-long conflict, though Moscow negotiators said a promise to scale down some military operations did not represent a ceasefire.
Further weighing on oil futures, new lockdowns in China to curb the spread of the coronavirus prompted concerns that fuel demand could take a hit.
Brent crude settled down $2.25, or 2%, at $110.23 a barrel, while U.S. West Texas Intermediate (WTI) crude was down $1.72, or 1.6%, at $104.24.
Each benchmark fell 7% on Monday and was down as much as 7% again early on Tuesday before bouncing off session lows.
No comments:
Post a Comment