Oil prices dropped about 8% on Monday to the lowest in two weeks, as diplomatic efforts between Ukraine and Russia looked like they might end their conflict, which would boost global supplies, while a pandemic-linked travel ban in China cast doubt on the demand outlook. Brent futures fell $8.64, or 7.7%, to $104.03 a barrel by 1459 GMT. US West Texas Intermediate (WTI) crude fell $8.74, or 8%, to $100.59. That puts both benchmarks on track for their lowest settlements since February 28. Both have surged since Russia’s February 24 invasion of Ukraine and are up roughly 34% so far this year. “Besides, new talks between Ukraine and Russia, I guess new lockdowns in China are the reason for a negative start of the week for crude oil,” said Giovanni Staunovo, an analyst at UBS bank.
Published in The Express Tribune, March 15th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1725885571-0/Tribune-Pic-(9)1725885571-0-165x106.webp "article")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ