Oil Tops $100 as Putin Vows to Advance War, China Eases Lockdown
- Putin says talks at dead-end, to continue invasion of Ukraine
- WTI oil futures trade in a $6 range in volatile session
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Oil rallied as Russian President Vladimir Putin vowed to continue the invasion of Ukraine and China partially eased Covid-related restrictions, allaying some of the demand concerns that had weighed on prices.
West Texas Intermediate jumped 6.7% to settle above $100 a barrel, recouping losses from the previous week, as volatility rose. Shanghai has eased lockdowns for some housing complexes, but most people remained confined to their homes. Authorities have indicated they will reimpose restrictions if virus cases climb. Meanwhile, the Russian president said peace talks with Ukraine are “at a dead end.”