Oil prices fall, continuing downward trend from last week

A look at of the Phillips 66 Company’s Los Angeles Refinery (foreground), which procedures domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum goods at the Kinder Morgan Carson Terminal (history), at sunset in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Photo taken with a drone. REUTERS/Bing Guan

NEW YORK, March 13 (Reuters) – Oil rates fell on Sunday at the start out of the session, extending previous week’s drop, as a U.S. formal said Russia was showing indications it may well be ready to have substantive negotiations over Ukraine.

Brent crude futures fell $1.82, or 1.6%, to $110.85 a barrel by 6:47 p.m. ET (2247 GMT). WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel.

Russia’s invasion of Ukraine in late February, which Moscow calls a “specific procedure,” has roiled energy marketplaces globally. Brent last 7 days was down 4.8% right after hitting $139.13 on March 7. U.S. crude recorded a weekly drop of 5.7% right after touching a high of $130.50 on March 7. The two contracts last touched these rate peaks in 2008.

Traders have been anxious about a tighter oil sector next Russia’s action. Rates fell last week as traders assessed probable improvements to the provide outlook that has been disrupted by the Ukraine crisis. study far more

Russia is demonstrating symptoms it might be keen to have substantive negotiations around Ukraine, even as Moscow is intent on “destroying” its neighbor, U.S. Deputy Secretary of Point out Wendy Sherman mentioned on Sunday.

Russia-Ukraine talks are not taking put right now but will continue on on Monday, Kremlin spokesperson Dmitry Peskov was quoted as stating on Sunday by the RIA information company.

Peskov built the remarks soon after Ukrainian presidential adviser Oleksiy Arestovych said Ukraine and Russia have been actively conducting talks on Sunday.

Russia said on Sunday it was counting on China to assist it endure the economic blow from Western sanctions more than the war in Ukraine, but the United States warned Beijing not to supply that lifeline. go through a lot more

U.S. Nationwide Security Adviser Jake Sullivan, who is owing to meet with China’s major diplomat Yang Jiechi in Rome on Monday, warned Beijing it would “completely” face implications if it assisted Moscow evade sweeping sanctions more than the war in Ukraine. examine additional

Reporting by Stephanie Kelly Modifying by Richard Chang

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