Oil extends gains with falling supplies in focus as Ukraine talks fail
Oil prices extended gains on Wednesday after Moscow said peace talks with Ukraine had reached a dead end, feeding worries about tight supplies even after U.S. crude stocks rose by more than 9 million barrels.
Brent crude was up $1.94, or 1.9%, to $106.58 a barrel by 11:03 a.m. (1508 GMT) U.S. West Texas Intermediate (WTI) crude futures gained $1.57, or 1.6%, to $102.17. The previous session, both benchmarks climbed more than 6%.
On Tuesday, Russian President Vladimir Putin on Tuesday said Ukraine derailed peace talks and said Moscow would continue what it calls a “special military operation” to disarm its neighbour. U.S. President Joe Biden accused Russia of genocide.
