Crude oil prices fell by three per cent yesterday amid intensified diplomatic efforts to end the Russia-Ukraine crisis. Brent crude, the global oil benchmark, shed 3.20 percent, trading at $109.1 a barrel.
West Texas Intermediate, also declined over 3 percent, to $105.5 a barrel. According to Reuters, the development is coming on the heels of the meeting to be held between Ukrainian and Russian negotiators on Monday via video link after both sides cited progress.
Negotiators had given their most optimistic assessments after weekend negotiations, hinting there could be positive results within days.
On Sunday, Wendy Sherman, US deputy secretary of state, had said Russia was showing signs it might be willing to have substantive negotiations over Ukraine, while Ukrainian negotiator Mykhailo Podolyak said that Russia was “beginning to talk constructively
