Brent Crude Oil Dropped 6% To $104.98 After The News Of Russian Minister That They Decided To Cut Military Activity

Brent Crude : Oil after attempting gains earlier in the day, Brent crude OIl dropped 6% to as low as $104.98 per barrel on Tuesday.

As extending a nearly 7% fall in the previous session after the Russian Deputy Defense Minister said after bilateral talks in Istanbul that the country has decided to cut military activity near Ukraine’s Kyiv and Chernihiv.

Also, the expectations of lower demand weighted after reports showed Shanghai lockdown could reduce oil demand by as much as 200,000 bpd.

Meanwhile, major oil producers will meet to discuss their supply policy for May and the group has signaled it will stick to its existing plan and ratify an increase of 430,000 bpd in output.