Oil extends losses; Russia to fulfil supply contracts

Brent futures LCOc1 fell US$1.81, or 1.6%, to settle at $109.33 a barrel after gaining as much as 6.5% earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.68, or 2.5%, to settle at $106.02 a barrel, giving up over 5.7% of intraday gains. The market extended losses post-settlement with Brent down to $109.09 and WTI down to $105.79 at 4:55 p.m. ET (2155 GMT).

BENGALURU: Oil prices settled about 2% lower on Thursday after a volatile session, a day after its biggest daily dive in two years, as Russia pledged to fulfil contractual obligations and some traders said supply disruption concerns were overdone.

Since Russia's Feb. 24 invasion of Ukraine, oil markets have been the most volatile in two years. On Wednesday, global benchmark Brent crude posted its biggest daily decline since April, 2020. Two days earlier, it hit a 14-year high at over $139 a barrel.