Oil Falls to $100 With Ukraine-Russia Talks and China Lockdowns
Bloomberg Financial
Oil fell below $100 a barrel as negotiations between Ukraine and Russia appeared to grow more substantive and China imposed a lockdown on an entire province to stem the spread of Covid-19.
Futures in New York fell more than 8% to a low of $99.76, trading in a $10 range on Monday. A further round of talks between Russian and Ukrainian officials focused on discussing a potential ceasefire with an immediate withdrawal of troops and security guarantees, Ukraine negotiator Mykhailo Podolyak said.
The negotiations between the two countries are driving prices lower in the near term as markets are “much more sensitive to sentiment than actual supply and demand calculation,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.
[link:https://www.bloomberg.com/news/articles/2022-03-13/oil-resumes-decline-as-iran-russia-and-fed-jostle-for-limelight|]
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