WTI experiences sudden drop, tumbles below $110 as Zelenskyy hints at compromise, on bearish OPEC updates

Front-month WTI futures saw a sharp, sudden drop in recent trade, falling from the $116/barrel area to print daily lows in the $104/barrel area in a matter of minutes, before recovering to around $110 once more where it now trades down over $14 on the day. Ukrainian President Volodymyr Zelenskyy in an interview with the German press said that Ukraine is prepared to make compromises with Russia if they do as well and that he aims to end the war. Meanwhile, the UAE's ambassador to the US gave a statement saying the country is going to push for a larger OPEC+ oil output hike with prices at multi-year highs. The Iraqi oil minister was also recently on the wires, noting that the country was prepared to up output if OPEC requires it and has spare capacity of about 6%.