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• Putin says that Ukraine isn’t serious about finding solutions to stop fighting
• Brent settled 6.54% lower at $99.91 per barrel
Russian President Vladimir Putin’s doubts over the success of talks between Ukraine and Russia slowed down the pace at which oil prices were falling.
Both West Texas Intermediate crude, the U.S. oil benchmark, and global benchmark Brent crude settled below $100 per barrel on Tuesday. This is still lower than the highs of $130 per barrel, a week ago.
WTI ended the day at $96.44, for a loss of 6.38%. During the session it traded as low as $93.53. Brent settled 6.54% lower at $99.91 per barrel, after trading as low as $97.44.
Putin informed European Council President Charles Michel about the progress of the peace-negotiations stating that Ukraine “is not showing a serious attitude toward finding mutually acceptable solutions”.
Last week’s hike in fuel prices was attributed to s anxiety surrounding disruption of Russia’s energy exports. So far the U.S. and Canada have banned Russian energy imports, while the U.K. has said it will phase out imports from the country.
Also read: U.S. inflation hits 40-year high as oil prices rise, household wealth in Q4 2021 tops $150 trillion