Crude oil fell as U.S. crude inventories grew as U.S. crude inventories grew as progress in Russia-Ukraine talks

International crude oil futures fell on Wednesday (March 16), the fifth decline in the past six sessions, on signs of progress
in ceasefire talks between Russia and Ukraine.
In addition, the unexpected increase in U.
S.
crude inventories also eased concerns
about tight supply.

By the close, the West Texas Intermediate (WTI) crude oil contract, the most actively traded on the New York Mercantile Exchange (NYMEX), was down $1.
40, or 1.
5 percent, at $95.
04 a barrel
.

Brent crude futures, the global benchmark, for May ended down $1.
89, or 1.
9 percent, at $98.
02 a barrel
.

Over the past two weeks, international crude oil futures have been on a roller coaster
.
Brent crude jumped 28 percent in the six trading days ended March 7, then plunged 24 percent
over the next six trading days, including Wednesday.
Such a sharp wide range of fluctuations in a short period of time has never been seen in the history of crude oil futures
.

On Monday, March 7, Brent oil prices reached a maximum of $139.
14 per barrel and WTI oil prices reached $130 per barrel, both highs
since 2008.
Following the announcement last week of the US and Canada to ban imports of Russian energy, Britain said it would phase out imports by the end of the year, worrying about disruptions to crude oil supplies
.
Russia is the world's leading crude oil exporter after Saudi Arabia, supplying up to 7 million barrels of crude oil and fuel
to world markets every day.

Crude futures are now down more than $40 from their highs a week ago as there are signs
of progress in ceasefire talks between Russia and Ukraine.
The possibility of higher output by some other producers has also eased fears of supply disruptions
.
However, there are still analysts who warn that the rapid fall in oil prices reflects the overly optimistic
expectations of market participants that the Russian-Ukrainian conflict will end soon.

From the demand side, the recent resurgence of the epidemic in China and the implementation of strict control measures in many regions have raised concerns about the slowdown
in China's energy demand.

Mizuho Bank analysts said the market will continue to closely monitor the headlines of the Russian negotiations (ceasefire or withdrawal), as well as the situation in China
.

The International Energy Agency said on Wednesday that more supplies would be disrupted
if the war continues.
From April, 3 million barrels per day of Russian oil and products may not be able to enter the market because of the impact of sanctions
, the IEA said.

Data released on Wednesday (March 16) showed that US crude increased by 4.
3 million barrels, contrary to
market expectations for a decline in inventories.
Inventories are also increasing at the Cushing Center in Oklahoma, easing concerns about
low inventory.

On Wednesday (March 16), the Fed raised interest rates for the first time in more than three years, raising the federal funds rate by a quarter of a percentage point
.