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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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WTI Oil Falls Below $100 Amid Signals Of ‘Constructive’ Peace Talks

  • WTI crude slipped below $100 on Tuesday morning.
  • Russia's promise to scale back attacks around Kyiv and Chernihiv is seen as a positive signal in the peace negotiations.
  • Ukraine has proposed it would keep a neutral status and would not join alliances or host troops of other countries on its territory.

Oil prices dipped by more than 5% early on Tuesday, with the U.S. benchmark WTI slumping to just below $100 a barrel after signs emerged that the resumption of the Russia-Ukraine peace talks after two weeks may have been constructive.

As of 9:34 a.m. ET, WTI Crude was down 5.71% at $99.91, and Brent Crude was down 5.64% at $106.10.  

Oil extended the losses from Monday, when prices tumbled after China, the world’s largest oil importer, imposed a lockdown in Shanghai due to the high number of COVID infections, rekindling concern about the loss of oil demand in the top crude importing market.

The Monday drop in oil prices was another huge day-to-day swing in Brent crude prices, which plunged by nearly $11 a barrel on the day, or around 9 percent, Javier Blas, energy and commodities columnist at Bloomberg, noted on Monday. In absolute dollar terms, Monday’s oil price slide was the third-largest one-day fall, but in percentage terms, it was only the 27th largest one-day drop, Blas added.

Following a volatile start to trade early in the day on Tuesday, oil prices tumbled in the a.m. ET after signs emerged about a potentially positive outcome of the peace talks between Russia and Ukraine, the first such talks in more than two weeks.

During the talks in Istanbul on Tuesday, Russia promised to scale back significantly its military operations and activity around Ukraine’s capital city of Kyiv and in the northern city of Chernihiv. Ukraine, for its part, proposed it would keep a neutral status and would not join alliances or host troops of other countries on its territory. Ukraine, however, wants international security guarantees to keep it from attacks.

According to Reuters, the leading Russian negotiator Vladimir Medinsky said he would review Ukraine’s proposals and report on them to Russian President Vladimir Putin.

Hopes of peace sent oil prices plummeting early on Tuesday, although it’s unclear whether sanctions against Russia could be removed anytime soon.

By Tsvetana Paraskova for Oilprice.com

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Leave a comment
  • Mamdouh Salameh on March 29 2022 said:
    Other than being the versatile driver of the global economy, the oil price is also the most reliable measure of global economic growth, geopolitical tension and peaceful trends. The minute news came of a positive peaceful negotiations today between Russia and Ukraine, the Ukraine price premium of $25.0 a barrel started to tumble.

    A peaceful settlement of the Ukraine conflict could see Brent crude price returning to the pre-conflict level $94-$95 a barrel.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • George Doolittle on March 29 2022 said:
    Russian Ruble is worthless impacting the entirety of the commodity complex but obviously and of course oil. Lumber futures have been obliterated as well. Not a good time to be investing in coal companies nor steel companies as clearly there is no evidence of a strong US economic recovery anywhere outside of the interest rate yield curve which maintains positivity and upward sloping carry ("borrow short/lend long.")

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