Commodities
Oil Dips as Traders Assess Impact of Ceasefire on Russian Flows
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Oil dipped, halting the longest rally in almost three months, after Ukrainian President Volodymyr Zelenskiy agreed to implement a partial truce, raising expectations that Russian crude will soon flow freely.
West Texas Intermediate futures dropped as much as 0.9% before clawing back most of those losses to settle down 0.2% at $69 a barrel. The decline followed Ukraine’s ceasefire declaration and a White House announcement of a nascent Russian agreement to ensure safe navigation in the Black Sea and spare energy infrastructure.