Oil price dips on Russia-Ukraine talks, US inventory data

Wednesday was no different, as global benchmark Brent LCOc1 traded in a US$6 range, between $97.55 and $103.70 before settling at $98.02, down $1.89 a barrel, or 1.9%. U.S. West Texas Intermediate (WTI) crude CLc1 ended down $1.40, or 1.5%, at $95.04 a barrel. Last week's frenzied rally pushed Brent briefly past $139 a barrel on worries about extended disruption to Russian supply. Brent is now more than $40 below that poin

NEW YORK: Oil lost ground for the fifth time in the last six days on Wednesday as traders reacted to hoped-for progress in Russia-Ukraine peace talks and a surprising increase in U.S. inventories.

The oil market has been on a roller-coaster for more than two weeks, and both major benchmarks have traded in their largest high-to-low range over the last 30 days than at any time since the middle of 2020.