The price of European Brent oil fell at times by more than six percent to $103 per barrel (around 159 liters). The US variety West Texas Intermediate (WTI) fell at times by more than 7 percent below the $100 per barrel mark. However, the oil price is still at a high level – mainly because the alliance of state oil exporters OPEC is increasing oil production continues to hold tight. Even at Austrian filling stations, the relaxation on the oil market has not been noticed much so far – the prices for a liter of diesel are still fluctuating between EUR 1.75 and EUR 2 per liter.
Russia’s chief negotiator said on Monday there was a willingness to consider a presidential meeting between Putin and Zelenskyy. Kyiv has been looking for direct talks since the beginning of the crisis, while Moscow has so far refused to do so. “Hope is growing that talks between Russia and Ukraine will eventually yield results,” said Hans Van Cleef, senior energy economist at Dutch bank ABN. “Or in other words, that Russia’s oil supply will not be hit harder than the sanctions we’ve seen so far.”