Oil slid and most share markets firmed on Monday as investors turned more optimistic as diplomatic efforts to quell the Russia-Ukraine crisis gained traction.
Brent crude futures were down by $3.05 or 2.7 percent at $109.62 a barrel at 0351 GMT on Monday.
US West Texas Intermediate (WTI) crude futures eased $3.10 or 2.8 percent to $106.23 a barrel.
The fall in prices is attributed to the growing signs of Russia’s willingness to have substantive negotiations over Ukraine.
India to release more oil reserves
India will take “appropriate” steps to calm the rise in oil prices, triggered by Russia’s invasion of Ukraine, the junior oil minister said on Monday, indicating the country could release more oil from national stocks if required.
India, the world’s third-biggest oil consumer and importer, imports about 85 percent of its oil needs.
“Government of India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices,” Rameswar Teli said in a written reply to lawmakers.
Last month India said it was prepared to release additional crude from its national stocks in support of efforts by other major oil importers to mitigate surging global prices.
Wheat, soybean rise on supply concerns
US wheat futures rose for a second session on Monday, fuelled by concerns that the Ukrainian-Russian crisis could disrupt supplies from the Black Sea region, while soybeans rose on Argentina’s decision to halt export registration of soy products.
The most active wheat contract on the Chicago Board of Trade rose 0.34 percent to $11.10 a bushel, as of 0201 GMT.
Corn dropped 0.52 percent to $7.58-1/2 a bushel and soybeans rose 0.79 percent to $16.89-1/4 a bushel.
European shares rise
European stocks rose on Monday as investors pinned their hopes on diplomatic efforts by Ukraine and Russia to end the weeks-long conflict, while shares in Volkswagen surged after the German carmaker doubled its operating profit.
The pan-European STOXX 600 index gained 1.0 percent, extending gains from Friday when Russian President Vladimir Putin signaled a positive shift in talks with Ukraine.
Auto stocks climbed 4.1 percent to lead gains among sectors. Volkswagen AG surged 6.6 percent as higher prices and a more favorable product mix boosted its operating profit.
However, China-exposed miners, which have outperformed recently, fell 1.8 percent, as surging COVID-19 infections in the world's top metals consumer fanned worries over economic growth prospects.
(With Reuters)
