Energy

Oil falls on Russia/Ukraine talks and new lockdowns in China | Reuters

Oil falls on Russia/Ukraine talks and new lockdowns in China | Reuters

LONDON, March 14 (Reuters) - Oil prices fell by around $5 a barrel on Monday as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, while a surge in COVID-19 cases in China spooked the markets.

Brent was down by $4.67, or 4.1%, at $108.00 a barrel at 1000 GMT, and U.S. West Texas Intermediate (WTI) crude fell $5.71, or 5.2%, to $103.62 a barrel.

Both contracts have surged since Russia's Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date.