3/29, 2:04 PM (Source: TeleTrader)
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Oil tumbles 4% as Russia-Ukraine talks show promise

Prices of crude oil futures declined on Tuesday after Russia's chief negotiator in the Ukraine talks, Vladimir Medinsky, described the latest round of negotiations in Turkey as constructive and hinted that a meeting between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelensky is possible.

With Russia being one of the world's largest oil exporters, any news that suggests the West could take a more lenient stance toward Moscow is likely to alleviate supply worries among traders.

May's West Texas Intermediate tumbled 4.46% at 7:43 am ET, selling for $101.26 per barrel, while Brent for deliveries in the same month nosedived 4.56% at the same time, to go for $107.3 per barrel.

Baha Breaking News (BBN) / BU