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Oil Slips as Russia-Ukraine Talks Spark Guarded Hopes for Peace

  • Low liquidity in the market is also driving exaggerated moves
  • WTI settled near $104, paring earlier losses of $7 a barrel
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OPEC Aims to Ensure 'Affordable' Supply: UAE Energy Min.Source: Bloomberg 
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Oil edged lower after Russia’s offer to cut back military operations around Ukraine’s capital offered a tenuous path forward for the two nations.

Futures in New York fell 1.6% on Tuesday, paring back substantially from a brief plummet below $100 a barrel earlier in the session. West Texas Intermediate futures sank more than 7% after Moscow said it would reduce military operations near Kyiv and signaled a willingness to consider a presidential meeting between Vladimir Putin and Volodymyr Zelenskiy. Talks between negotiators subsequently ended the day without a cease-fire and the U.S. cautioned against declaring progress.