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

Update: Oil prices (CL1:COM) rallied from an intraday low of ~$99.50 to trade at ~$103.50 Tuesday afternoon, as US officials warned a reduction in forces around Kyiv represented a redeployment rather than a withdrawal of Russian forces, dimming hopes for a near-term peace deal. 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 Chernihiv. Russia indicated that Tuesday's talks could pave the way for a meeting between Russian President Putin and Ukraine's Zelenskyy. 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

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