Oil prices tumble on Sunday at the start of the session, extending last week’s fall
see photosA view of the Phillips 66 company’s refinery, which processes crude oil into fuel
Oil prices fell on Sunday at the start of the session, extending last week’s fall, as a US official said Russia was showing signs it might be ready to hold substantial talks on Ukraine. Brent crude futures fell $1.82, or 1.6%, to $110.85 a barrel as of 6:47 p.m. ET (2247 GMT). WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel. Russia’s invasion of Ukraine in late February, which Moscow calls a “special operation”, has shaken energy markets globally. Brent was down 4.8% last week after reaching $139.13 on March 7. US crude recorded a weekly decline of 5.7% after touching a high of $130.50 on March 7. Both contracts last touched those price peaks in 2008. [O/R]
Investors are concerned about a tighter oil market since Russia’s action. Prices declined last week as traders assessed a possible correction in the supply outlook which has been hampered by the Ukraine crisis.
US Deputy Secretary of State Wendy Sherman said on Sunday that Russia is indicating it may be ready to hold concrete talks on Ukraine, even as Moscow is intent on “destroying” its neighbour.
Russia-Ukraine talks are not taking place now, but will continue on Monday, Kremlin spokesman Dmitry Peskov said on Sunday, as quoted by RIA news agency.
Peskov made the remarks after Oleksiy Erestovich, adviser to the President of Ukraine, said that Ukraine and Russia were actively negotiating on Sunday.
Russia said on Sunday it was counting on China to help it weather the economic blow from Western sanctions on the war in Ukraine, but the United States warned Beijing not to provide that lifeline.
US National Security Adviser Jake Sullivan, who is due to meet China’s top diplomat Yang Jiechi in Rome on Monday, warned Beijing “absolutely” if it helped Moscow avoid sweeping sanctions on the war in Ukraine. The consequences will have to be suffered.
(Reporting by Stephanie Kelly; Editing by Richard Chang)
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