Oil falls 8% on Russia-Ukraine talk hopes, China lockdowns

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Reuters UK

By Scott DiSavino NEW YORK (Reuters) -Oil prices dropped about 8% on Monday to the lowest in two weeks, as diplomatic efforts between Ukraine and Russia looked like they might end their conflict, which would boost global supplies, while a pandemic-linked travel ban in China cast doubt on the demand outlook. Brent futures fell $8.64, or 7.7%, to $104.03 a barrel by 10:59 a.m. EDT (1459 GMT). U.S. West Texas Intermediate (WTI) crude fell $8.74, or 8.0%, to $100.59. That puts both benchmarks on track for their lowest settlements since Feb. 28. Both have surged since Russia’s Feb. 24 invasion of U…

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