After Ukrainian negotiator David Arakhamia said, “the results of today’s meeting are sufficient for a meeting at the leaders’ level,” crude oil prices reversed course and fell sharply, over 6%, to around $106 a barrel.
Over a month after Russia invaded its neighbor, a Russian negotiator welcomed “meaningful” progress with Ukrainian representatives at peace talks in Istanbul, Turkey.
Brent crude futures fell more than 6% to around $106 a barrel, while WTI crude in the United States fell more than 6% to $99.6 a barrel.
Both contracts plummeted roughly 7% on Monday, as Shanghai’s two-stage lockdown alleviated concerns over a nine-day supply shortage that was expected to impact fuel consumption in the world’s largest oil importer.
While benchmark Brent crude oil began Tuesday by extending losses from the previous session, it recovered and was up nearly 0.4 percent at $113 per barrel, after falling as low as $109.97 earlier in the session.
Negotiators from Ukraine and Russia met in Turkey for the first time in nearly three weeks. The negotiations were “productive,” according to Russia’s lead negotiator.
“The outcomes of today’s meeting are sufficient for a meeting at the leaders’ level,” Ukrainian negotiator David Arakhamia said, raising the prospect of a meeting between Volodymyr Zelensky and Vladimir Putin, which Russia had dismissed as “counterproductive” only a few days ago.
Oil supply has been curtailed as a result of sanctions imposed on Russia after it invaded Ukraine, sending prices to 14-year highs earlier this month.
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