Oil resumes slide after wild week with focus on Ukraine talks
Oil declined following a volatile week of trading after Ukraine’s president said talks with Moscow show signs of becoming more substantive, prompting some cautious optimism about steps toward deescalation.
By Saket Sundria and Rob Verdonck, Bloomberg News
Futures in New York fell more than 2 percent to trade below USD 107 a barrel after rising Friday. The war in Ukraine has roiled commodity markets from crude to grains, leading to buyers shunning Russian oil as they navigate sanctions, though some are considering workarounds. Senior American and Chinese officials meet Monday as the U.S. seeks to enlist China to help end the invasion.
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