London, Monday, 14 March 2022
On Monday, WTI crude futures fell more than 8% to a low of $100.5 a barrel, a level not seen in almost two weeks, on hopes of a diplomatic settlement to the Russia-Ukraine conflict, while demand was clouded by China's reimposition of further lockdowns.
Even as Moscow intensified fighting in Kyiv overnight, Ukraine and Russia began negotiations on Monday, offering some reprieve from supply fears that have maintained oil prices at multi-year highs.
Surges in coronavirus infections in China, which have already resulted in fresh lockdowns and spurred fears of a slowdown in demand from the world's top crude oil importer, added to the negative tone.
Last week, the US crude benchmark hit a 14-year high of $130.5 before reverting and closing substantially lower as traders evaluated prospective improvements to the supply outlook disturbed by Russia's invasion of Ukraine and related sanctions.
(Written and edited by: The Decision Maker)