Oil prices slide by about $4 per barrel, extending last week’s decline
Oil prices extended last week’s decline to fall by about $4 a barrel during early trade on Monday after a U.S. official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine.
Brent crude futures was last down by $4.12 or 3.6% at $108.55 a barrel at 0115 GMT on Monday. U.S. West Texas Intermediate (WTI) crude futures eased $3.93 or 3.7% to $105.40 a barrel. Both contracts have surged since Russia’s Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date.
On Sunday, U.S. Deputy Secretary of State Wendy Sherman said that Russia is showing signs it might be willing to have substantive negotiations over Ukraine, even as Moscow currently is intent on “destroying” its neighbor.
