Oil prices are falling again, widening the losses from yesterday’s meeting, as Ukraine and Russia are leading to negotiations due to concerns about a drop in China’s oil demand after the lockdown in Shanghai, following the rise in crude oil. coronavirus.
Brent was down $ 1.18, or 1.1%, at $ 111.30 a barrel, up from $ 109.97.
West Texas Intermediate traded down $ 103.46, down $ 1.09, or 1%, to $ 104.87.
On Monday, both contracts lost about 7% each.
Ukraine and Russia are meeting today in Istanbul for the first round of talks in two weeks.
Sanctions imposed on Russia after its invasion of Ukraine have cut oil supplies and earlier this month pushed prices to a 14-year high.
“Oil prices are once again under pressure amid expectations for peace talks between Ukraine and Russia, which could lead to a easing of sanctions or the avoidance of Russian oil from the West,” said an analyst at Nissan Securities.
“A successful ceasefire could also increase the prospect of reviving an Iranian nuclear deal,” he added.
Source: Capital
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