Ukraine President Volodymyr Zelensky
Ukraine President Volodymyr Zelensky
- WTI crude oil fell as much as 15% Wednesday on potential for compromise between Ukraine and Russia.
- Ukrainian president Volodymyr Zelensky signaled in an interview he’s open to compromise to end the war.
- The price of oil and other commodities has surged on fears of massive disruptions to supply.
Oil prices tumbled as much as 15% Wednesday after the president of Ukraine indicated he’s open to compromise following Russia’s invasion of his country two weeks ago.
West Texas Intermediate crude lost 15% to trade at $107.23 and Brent crude fell by 12% to $109.76 a barrel. Both have retraced some losses but are still down about 11%.
Prices dropped from 2008 highs after the release of an exclusive interview by German newspaper Bild of Ukraine President Volodymyr Zelensky.
“The question here is not what I can give. In every negotiation, my goal is to end the war with Russia. And I’m also ready to take certain steps,” he said, according to a German-language translation.
“Compromises can be made, but they must not be a betrayal of my country. And the other side must also be willing to make compromises – that’s why they’re called compromises. This is the only way we can get out of this situation. We can’t talk about the details yet,” he said. “We haven’t had direct contact between the presidents yet. Only after the direct talks between the two presidents can we end this war.”
Oil prices have soared in recent sessions on concerns about supply shortages from Russia, a major oil producer, in the wake of international sanctions stemming from Russia’s attack against the former Soviet republic.
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