Oil prices fell below $108 a barrel today, which is a three-week low, due to Ukraine’s negotiations with Russia.

Reuters reported that Brent crude futures were down 47 cents at $107.93 a barrel, while US crude fell 44 cents to $102.20 a barrel.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The news agency reported that ample supply in the US has also dragged down prices, with Brent crude on its longest losing streak since the start of 2014.

Ukraine President-elect Petro Poroshenko is planning to discuss a plan to stop violence in the east of the country with Russian President Vladimir Putin.

"Ukraine President-elect Petro Poroshenko is planning to discuss a plan to stop violence in the east of the country with Russian President Vladimir Putin."

Putin is also scheduled to have meetings with UK Prime Minister David Cameron, French President Francois Hollande and German Chancellor Angela Merkel later this week.

See Also:

Several investors recently felt that the Ukraine crisis may increase tensions between Russia and the West, affecting energy supplies to Europe.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The European Central Bank is planning to unveil plans later today to introduce growth-boosting stimulus, which is expected to increase oil demand.

Reuters reported that Brent’s premium to West Texas Intermediate (WTI) crude CL-LCO1=R on Wednesday declined below $6, its narrowest since 15 April, after crude stockpiles in the US dropped more than anticipated on lower imports and higher refinery use.

Energy link