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    Oil costs fall, persevering with downward pattern from final week

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    A view of the Phillips 66 Firm’s Los Angeles Refinery (foreground), which processes home & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum merchandise on the Kinder Morgan Carson Terminal (background), at sundown in Carson, California, U.S., March 11, 2022. Image taken March 11, 2022. Image taken with a drone. REUTERS/Bing Guan

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    • Russia reveals indicators of curiosity in Ukraine talks -U.S. official
    • Kremlin says subsequent Russia-Ukraine talks to happen Monday
    • Russia counts on sanctions assist from China

    NEW YORK, March 13 (Reuters) – Oil costs fell on Sunday at the beginning of the session, extending final week’s decline, as a U.S. official mentioned Russia was exhibiting indicators it is perhaps prepared to have substantive negotiations over Ukraine.

    Brent crude futures fell $1.82, or 1.6%, to $110.85 a barrel by 6:47 p.m. ET (2247 GMT). WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel.

    Russia’s invasion of Ukraine in late February, which Moscow calls a “particular operation,” has roiled power markets globally. Brent final week was down 4.8% after hitting $139.13 on March 7. U.S. crude recorded a weekly drop of 5.7% after touching a excessive of $130.50 on March 7. Each contracts final touched these value peaks in 2008.

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    Traders have been involved a couple of tighter oil market following Russia’s motion. Costs fell final week as merchants assessed potential enhancements to the availability outlook that has been disrupted by the Ukraine disaster. learn extra

    Russia is exhibiting indicators it is perhaps prepared to have substantive negotiations over Ukraine, at the same time as Moscow is intent on “destroying” its neighbor, U.S. Deputy Secretary of State Wendy Sherman mentioned on Sunday.

    Russia-Ukraine talks usually are not going down proper now however will proceed on Monday, Kremlin spokesperson Dmitry Peskov was quoted as saying on Sunday by the RIA information company.

    Peskov made the feedback after Ukrainian presidential adviser Oleksiy Arestovych mentioned Ukraine and Russia have been actively conducting talks on Sunday.

    Russia mentioned on Sunday it was relying on China to assist it stand up to the financial blow from Western sanctions over the warfare in Ukraine, however the US warned Beijing to not present that lifeline. learn extra

    U.S. Nationwide Safety Adviser Jake Sullivan, who is because of meet with China’s high diplomat Yang Jiechi in Rome on Monday, warned Beijing it will “completely” face penalties if it helped Moscow evade sweeping sanctions over the warfare in Ukraine. learn extra

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    Reporting by Stephanie Kelly; Modifying by Richard Chang

    Our Requirements: The Thomson Reuters Belief Ideas.

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