Crude Oil Prices are Steady as Tensions in Ukraine Comes to an Standoff Over Potential Dialogue

Oil prices are steady with headwinds over potential conflict between Russia and Ukraine. Earlier U.S. President Joe Biden and Russian President Vladimir Putin agreed to hold summit on Ukrainian crisis. The United States and European Union are also making it clear that Russia would face sanctions if it invaded its neighbor.

European Commission President Ursula von der Leyen said Russia would be cut off from international financial markets and denied access to major exports needed to modernise its economy if it invaded Ukraine.

The WTI is down by 0.37% to $90.73 per barrel while Brent is down by 0.59% to $92.96 per barrel.

“If a Russian invasion takes place as the U.S. and U.K. have warned in recent days, Brent futures could spike above $US100/bbl,” Commonwealth Bank analyst Vivek Dhar said in a note, as reported by Reuters.