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Oil falls 8% on Russia-Ukraine talk hopes, China lockdowns

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NEW YORK (Reuters) – Oil prices dropped about 8% on Monday to the lowest in two weeks, as diplomatic efforts between Ukraine and Russia looked like they might end their conflict, which would boost global supplies, while a pandemic-linked travel ban in China cast doubt on the demand outlook.Brent futures fell $8.64, or 7.7%, to $104.03 a barrel by 10:59 a.m.

EDT (1459 GMT). U.S. West Texas Intermediate (WTI) crude fell $8.74, or 8.0%, to $100.59.That puts both benchmarks on track for their lowest settlements since Feb.

28. Both have surged since Russia’s Feb. 24 invasion of Ukraine and are up roughly 34% so far this year.Brent and WTI have logged their most volatile 30 days since June 2020.

WTI had it most volatile month in April 2020 when prices turned negative, while Brent experienced its most volatile month in January 1991 during the Persian Gulf War.Ukraine said on Monday it had begun “hard” talks on a ceasefire, immediate withdrawal of troops and security guarantees with Russia, despite the fatal shelling of a residential building in Kyiv.A northeastern Chinese province imposed a rare travel ban due to an Omicron outbreak.Russia’s output of oil and gas condensate rose to 11.12 million barrels per day (bpd) so far in March, two sources familiar with production data told Reuters, despite sanctions.The United States has announced a ban on Russian oil imports and Britain said it would phase them out by the end of 2022.

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Old City flag shop searching for sewers to help business keep up with demand for Ukrainian flags
Humphry's Flag Company is Old City is searching for sewers to assist with the thousands of requests for Ukrainian flags.  PHILADELPHIA - As Russia's attacks on Ukraine continue, many around the globe are showing their support for Ukraine by displaying the country's flag. For this reason, Humphreys Flag Company is working around the clock to keep up with the growing demand for the flags. The flag shop has been manufacturing flags in Philadelphia since 1864, but this latest humanitarian crisis has them searching for people who can assist with the production of more flags. Matt O'Connor joined Good Day Philadelphia to discuss the company's plan to produce more Ukrainian flags. Humphry's Flag Company in Old City is working around the clock to keep up with the growing demand for Ukrainian flags.O'Connor says Humphry's are in need of sewers who can help them produce the flags using nylon. "Demand for the flag has been so high and we're trying to make as many as we possibly can, so yeah we're looking for sewers," he says. O'Connor says they aren't looking for sewing experts, but rather those who know how to use sewing machines. The business plans on teaching those with sewing experience how to put together the Ukrainian flag using their commercial sewing machines. Humphry's Flag Company is looking to hire people for full-time and part-time shifts. To contact the business, click here. ___RELATED COVERAGE___DOWNLOAD: FOX 29 NEWS APP | FOX 29 WEATHER AUTHORITY APPSUBSCRIBE: Good Day Digest Newsletter | FOX 29 Philly on YouTubeAdvertisementFOLLOW: Facebook | Instagram | Twitter
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