Oil markets pare back losses amid Russia-Ukraine talks
Yahoo Finance's Ines Ferre looks at the declining price action for crude oil.
Video Transcript
- Indeed it is. Thank you, Jared. Meanwhile, oil prices continuing their slide. After starting the week dropping about 8% on news of those COVID lockdowns in Shanghai, a city of 26 million people, now today continuing to slide a bit on news of some optimism out of Ukraine. Ines Ferre here with the latest on that. Hi there, Ines. What are we seeing today and why? INES FERRE: Hi, David. Today, we've really been seeing oil tracking the war in Ukraine and those talks between Russia and Ukraine. And we saw WTI settling earlier down more than 1%, settling at $104.24 a barrel. Brent crude is settling at $110.23 a barrel. Now, oil has pared its losses from earlier during the session over those Russia-Ukraine talks that ended with no agreement, really. So they had been down, oil had been down about 6% earlier in the session today for both WTI and Brent crude, down significantly earlier over some positive headlines that Moscow would cut significantly its military operations near Kyiv. But again, both sides did not come to an agreement, and so you saw oil still settling a bit lower. But as you said, yesterday, oil down around 7%. That was because of those China lockdowns. Today, you saw mostly those movements because of the Russia-Ukraine war. Still, crude has been largely above $100 a barrel since the war broke out. And there's been a lot of volatility. And analysts are pointing to low liquidity in the markets also contributing to the exaggerated movements that we've seen with oil recently. Guys?
