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Jeddah - Yasmine El Tohamy - 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.
Share markets firm
The peace talks saw S&P 500 stock futures add 0.5 percent, while Nasdaq futures rose 0.4 percent.
EUROSTOXX 50 futures gained 0.5 percent and FTSE futures 0.2 percent. Tokyo’s Nikkei rose 0.9 percent, but MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.6 percent by losses in China.
Chinese blue chips shed 1.7 percent after a jump in COVID-19 cases saw the southern city of Shenzen locked down and stoked speculation about more policy easing.
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.
(With input from Reuters)
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