Futures for the West Texas Intermediate (WTI) crude started the trading week trading lower on Monday, falling from its three-week high as the US and Russia agreed to have talks to solve the crises over Ukraine.
Futures for the West Texas Intermediate (WTI) for May delivery edged 0.25% lower to $101.40 a barrel at the time of writing on the New York Mercantile Exchange. While Brent crude for May settlement declined 0.20% to $107.86 a barrel on the ICE Futures exchange at the same time. The European benchmark crude was at a premium of $6.48 to WTI.
WTI – Ukraine Crises
On Friday, the North American WTI crude was up by 2.01% at $101.50 a barrel, boosted by the ongoing tension between the Western powers and Russia over Ukraine.
The US Secretary of State John Kerry and the Russian Foreign Minister Sergei Lavrov met in Paris over the weekend to discuss on how to ease the ongoing tensions.
“Both sides made suggestions of ways to de-escalate the security and political situation in and around Ukraine,” Kerry said in Paris on Sunday and also said a progress in easing the tension between the nations would include withdrawing the Russian forces from Ukraine boarders.
“You’ve seen a range of troops massing along that border under the guise of military exercises, but these are not what Russia would normally be doing,” US President Barack Obama said in Rome on Friday.
The Western powers have guaranteed to impose tougher sanctions on Russia’s energy, financial and military industries if the Russian troops go further into Ukraine.
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