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