Oil falls on Ukraine talks, fears of slower demand in China
Oil prices slid to a two-week low on Tuesday on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in Covid-19 cases.
Brent futures dropped $4.20 or 3.9 per cent to $102.70 a barrel by 0125 GMT after falling 5.1 per cent the previous day.
US West Texas Intermediate (WTI) crude fell below $100 level for the first time since March 1, dropping $4.30 or 4.2 per cent to $98.71 a barrel. That followed a 5.8 per cent tumble the previous day.
“Expectations of positive developments in the Russia-Ukraine ceasefire talks bolstered hopes to ease tightness in the global crude market,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
