Oil prices sink, stocks soar on Ukraine talks ‘progress’
World oil prices dived and European equities rallied Tuesday as apparent progress in peace talks between Moscow and Kyiv sparked hope of an end to the Ukraine conflict.
Europe’s benchmark Brent crude and New York’s WTI sank by about 6.5 per cent as traders eyed easing Russian oil supply fears amid face-to-face Istanbul talks aimed at resolving the nearly five-week-old war.
Europe’s major stock markets jumped higher, with Frankfurt soaring 3.5 per cent, Paris winning 3.1 per cent and London adding 1.2 per cent.
The Russian ruble soared by 10 per cent against the dollar and by 1.2 per cent versus the euro.
