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Oil drops $3 on positive signals from Russia-Ukraine peace talks

Brent crude fell $2.88, or 2.6%, to $109.61 a barrel by 11:07 a.m. ET (1507 GMT) and U.S. West Texas Intermediate (WTI) crude was down $2.94, or 2.8%, at $103.01. Each benchmark lost about 7% both earlier in the session as well as on Monday.

March 29, 2022 / 09:24 PM IST

Oil prices dropped on Tuesday, extending losses from the previous day on signs of progress in talks between Russia and Ukraine to end their weeks-long conflict, with prices further pressured by China's new lockdowns to curb the spread of the coronavirus.

Brent crude fell $2.88, or 2.6%, to $109.61 a barrel by 11:07 a.m. ET (1507 GMT) and U.S. West Texas Intermediate (WTI) crude was down $2.94, or 2.8%, at $103.01. Each benchmark lost about 7% both earlier in the session as well as on Monday.

Ukrainian and Russian negotiators met in Turkey for the first face-to-face discussions in nearly three weeks. The top Russian negotiator said the talks were "constructive".

Russia promised at the peace talks to scale down its military operations around Kyiv and northern Ukraine, while Ukraine proposed adoption of neutral status but with international guarantees that it would be protected from attack.