Oil Prices Fall Ahead of Russia-Ukraine Talks

Oil Prices Fall , Ahead of Russia-Ukraine Talks.

Reuters reports that on March 14, oil prices dropped by about $5 a barrel.

The dip comes as investors are hopeful Ukrainian and Russian negotiators can end the current conflict in Ukraine.

But as COVID-19 surges again in China, the markets remain volatile.

Beside new talks between Ukraine and Russia, I guess new lockdowns in China are the reason for a negative start of the week for crude oil, Giovanni Staunovo, UBS analyst, via Reuters.

Reuters reports China is the largest crude oil importer in the world.

It is the second-largest consumer of the commodity after the U.S. On March 13, China had 1,437 new confirmed COVID-19 cases, with outbreaks from Shanghai to Shenzhen.

Reuters reports that despite sanctions on Russian oil, the country's oil and gas condensate output rose to 11.12 million barrels per day.

India is reportedly considering buying Russian oil at a discounted price.

Meanwhile, Faith Birol, International Energy Agency chief, is calling on oil-producing countries to pump more crude to stabilize the market.

Meanwhile, Faith Birol, International Energy Agency chief, is calling on oil-producing countries to pump more crude to stabilize the market