Oil jumps over 3% as Ukraine peace talks stall – EU is considering a ban on Russian energy exports

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Russia/Ukraine peace talks have stalled, while as the EU reportedly considers banning Russian energy exports and China grapples with Covid.

of the US as President Biden prepares for a summit. Russia is the world's third-largest oil producer and supplies almost half the EU's natural gas. Commodities traders have shunned Russian crude-oil cargoes for weeks now, but natural gas flows have continued uninterrupted by pipeline.

. Analysts at ING suspect that the growing number of cases is also playing a role in the oil markets price movements at present.

 

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