Oil falls on Russia/Ukraine talks and new lockdowns in China | Reuters
Oil prices fell by around $5 a barrel on Monday as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, while a surge in COVID-19 cases in China spooked the markets.
Brent was down by $4.67, or 4.1%, at $108.00 a barrel at 1000 GMT, and U.S. West Texas Intermediate (WTI) crude fell $5.71, or 5.2%, to $103.62 a barrel.
Both contracts have surged since Russia's Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date.
Ukrainian and Russian negotiators are set to talk again on Monday via video link. Negotiators had given their most upbeat assessments after weekend negotiations, suggesting there could be positive results within days. read more
"Beside new talks between Ukraine and Russia, I guess new lockdowns in China are the reason for a negative start of the week for crude oil," said UBS analyst Giovanni Staunovo.
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