Oil is falling again after a volatile week after the Ukrainian president stressed that talks with Moscow are showing signs of becoming more substantial, creating a cautious optimism about steps to escalate.
New York futures fell more than 2% to trade below $ 107 a barrel after rising on Friday.
The war in Ukraine has disrupted commodity markets from crude to cereals, forcing buyers to avoid Russian crude as they try to adjust to the new sanctions, although some are considering various solutions.
High-ranking US and Chinese officials meet on Monday as the United States seeks to involve China in helping end the war.
“Oil is pricing the chances of a rapprochement between the two sides, given some encouraging comments. The climate began to shift in favor of talks and compromise in Moscow and Kiev last week,” a Vandana Insights executive said.
During this week it will be seen if Russia plans to repay its international debt and the Fed will probably raise interest rates for the first time since 2018, most likely by strengthening the dollar.
The prospect of an additional supply of oil from Iran, which would immediately mitigate the tight market, has been denied.
Tehran and world powers have suspended talks on a nuclear deal after Russia demanded assurances from the United States that sanctions would not affect its co-operation with Iran.
West texas intermediate for April delivery fell 2.3% to $ 106.78 a barrel, after falling 5.5% last week.
Brent crude for May delivery fell 1.9% to $ 110.55 a barrel, after falling 4.6% last week.
Source: Capital
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