OMVKY - Oil falls below $100 per barrel as Russia / Ukraine peace talks show progress

Oil prices (CL1:COM) fell below $100/b ahead of the equity market open in the US Tuesday, as peace talks between Russia and Ukraine in Turkey showed progress. Following the talks, Russian Deputy Defense Minister Alexander Fomin said Russia has decided to "drastically reduce hostilities," particularly around Kyiv and Chernigov. Russia indicated that Tuesday's talks could pave the way for a meeting between Russian President Putin and Ukraine's Zelensky. European energy share price performance was split in morning trading, with Russia-exposed OMV (OTCPK:OMVKY) rising ~5% and Total (TTE) ~flat; meanwhile, gas-levered Equinor (EQNR) fell ~6%. In the pre-market, US energy (XLE) is down 2% and the US Oil Fund (USO) is down ~3% ahead of the open.

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Oil falls below $100 per barrel as Russia / Ukraine peace talks show progress