Oil Retreats on Ukraine-Russia Talks, China Lockdown Resurgence
- Ukraine-Russia talks appear to grow more substantive
- WTI crude futures dipped below $100 intraday on Monday
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Oil dropped as negotiations between Ukraine and Russia appeared to grow more substantive and China imposed a lockdown on an entire province to stem the spread of Covid-19.
Futures in New York closed 5.8% lower on Monday, dipping below $100 a barrel intraday for the first time since March 1st. Brent also shed over 5%. A further round of talks between Russian and Ukrainian officials focused on a potential ceasefire with an immediate withdrawal of troops and security guarantees, Ukraine negotiator Mykhailo Podolyak said.