Diving over 6% for oil

LAST UPDATE 14:46

Developments in Ukraine brought ups and downs in crude trading, as after a day of intense volatility and sign changes, prices came under massive sellers’ attack after Russia announced that it was freezing its attack.

Brent crude for May delivery was down 6.2% at $ 6.97 a barrel at $ 105.5 a barrel, up from $ 114.83.

Similarly, West Texas Intermediate in May also fell 6.08% to $ 99.89 a barrel, up from $ 107.84 earlier in the day.

It is recalled that yesterday, Monday, both contracts lost about 7% each.

Sanctions imposed on Russia after its invasion of Ukraine have cut oil supplies and earlier this month pushed prices to a 14-year high.

In this climate, the significant progress that has emerged since today’s talks between Moscow and Kiev, for the first time in Turkey, has eased concerns that a peace deal could be reached, leading to a sharp drop in prices.

In the main course of the day, Moscow announced that it was “drastically reducing” its military activities in the Ukrainian capital Kyiv and Chernihiv, in order, as it said, to facilitate dialogue.

The increase for natural gas is limited

The tug-of-war between Europe and Russia, following Moscow’s decision to demand ruble payments, has restored pressure on the price of gas, which, however, remains significantly lower than recent historical highs after the Russian invasion of Ukraine.

And in the same climate as oil, the price of the contract at the Amsterdam junction (TTF), which had reached 114.8 euros with an increase of 11%, is now at 107.5 euros with + 4.8%, recording a sharp decline when the news from the conversations became known.