Oil tumbles to 2-week low on Ukraine talks

March 15, 2022 / 10:35 AM

Sharjah24 - Reuters: Oil prices extended losses on Tuesday, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions and surging COVID-19 cases in China fuelled concerns about slower demand.

Brent futures dropped $4.74, or 4.4%, to $102.16 a barrel by 0445 GMT after tumbling by more than $6 to $100.05 earlier in the session.

U.S. West Texas Intermediate (WTI) crude fell below $100 level for the first time since March 1, dropping $4.58, or 4.2%, to $98.43 a barrel. It fell to as low as $96.70 earlier in the session.

Both benchmarks declined by more than 5% the previous day, with Brent sliding 5.1% and WTI skidding 5.8%.