Futures in New York fell more than $7, briefly dropping below $100 a barrel before pairing some losses in the latest sequence of huge swings across the oil market. Moscow said it would sharply cut military operations near the Ukrainian capital of Kyiv, though troops had already been bogged down there for weeks.
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Russia’s chief negotiator said there is a willingness to consider a presidential meeting between Putin and Zelenskiy. Kyiv has long sought direct talks, while Moscow had resisted committing to Putin’s participation.
“Fundamental traders and investors have taken their chips off the table in crude due to extremely high volatility, leaving the primary players in the market to be traders looking to hedge geopolitical risks,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.