Oil Jumps Back Above $100 as Russia Casts Doubt on Ukraine Talks
- Russian Urals crude loadings from Baltic ports revised lower
- WTI futures settle above $102 after falling 1.5% on Wednesday
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Oil climbed back above $100 a barrel as the Kremlin cast doubts on the progress of current peace talks with Ukraine and investors weighed the absence of Russian barrels in a tight market.
Futures in New York closed up 8.4% on Thursday to settle at $102.98. Markets rallied after a Kremlin spokesman said a report of major progress in negotiations over Ukraine was “wrong,” but that discussions will continue. The war has severely disrupted Russian oil flows, and the International Energy Agency predicted output from the key OPEC+ member will decline by about a quarter in April. Three cargoes were dropped from Russia’s planned March loadings.