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Oil drops on China demand worries, Ukraine peace talk hopes

U.S. West Texas Intermediate (WTI) crude futures touched a low of $103.46 a barrel shortly after opening and were down $2.09, or 2%, at $103.87 at 2236 GMT, after dropping about 7% on Monday.

March 29, 2022 / 06:14 AM IST
Source: Reuters

Source: Reuters

U.S. crude futures slid in early trade on Tuesday, extending losses from the previous session on the prospect of a sharp drop in fuel demand as Shanghai shut down to curb a surge in COVID cases and as Ukraine and Russia headed for peace talks.

U.S. West Texas Intermediate (WTI) crude futures touched a low of $103.46 a barrel shortly after opening and were down $2.09, or 2%, at $103.87 at 2236 GMT, after dropping about 7% on Monday.

Brent crude futures were poised to open around $3 lower, also after sliding around 7% in the previous session.

Ukraine and Russia were set to meet in Istanbul on Tuesday for their first peace talks in over two weeks. Sanctions imposed on Russia after it invaded Ukraine have curtailed oil supply and earlier this month sent prices to 14-year highs.