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Brent crude rebounded from a 16-month low on speculation cease-fire talks between Russia and Ukraine will ease sanctions against the biggest energy exporter.
Russian President Vladimir Putin outlined a peace plan for Ukraine after agreeing with his Ukrainian counterpart Petro Poroshenko on steps toward a cease-fire in the conflict that has raged for more than five months. West Texas Intermediate rose on expectations supply dropped last week. Oil tumbled yesterday on concern a weakening European economy will curb demand.
"The markets are very much being swayed by the events in Europe and Ukraine," said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. The cease-fire talks "will hopefully stop the downward spiral we are seeing in the euro-zone economy and the worry about more sanctions being applied."
Brent for October settlement gained $1.68, or 1.7 percent, to $102.02 a barrel at 10:21 a.m. New York time on the London-based ICE Futures Europe exchange. The volume of all futures was 16 percent above the 100-day average. The contract closed yesterday at its lowest since May 1, 2013. The European benchmark traded at a premium of $7.75 to WTI on the ICE, compared with $7.46 yesterday.
WTI for October delivery advanced $1.39, or 1.5 percent, to $94.27 a barrel on the New York Mercantile Exchange. The contract fell yesterday to its lowest close since Jan. 14. Volume was about 4.8 percent below the 100-day average.
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