Simmering tensions between Russia and Ukraine also pulled down the price of the energy commodity on Thursday. Inventories of crude oil marked a seventh consecutive week of advances, which also dragged down the price of the energy commodity.
"Crude has been falling since Monday as the geo-political risk drops off," analyst Thina Saltvedt with Nordea Markets in Oslo told the news source on Thursday. "The Ukraine risk premium has disappeared for now as we are at least getting dialogue between Russia and the West."
At 9:07 a.m. on Thursday, WTI crude oil futures fell 0.49 percent, a half-dollar loss to $100.95 per barrel. Brent crude oil futures edged down 0.09 percent, a dime loss to $107.66 per barrel.
The Associated Press reports the conflict in Ukraine prompted the top officials of the 28 nations of the European Union to convene a meeting in Brussels to ponder the feasibility of sanctions levied against Russia. The prime minister of Ukraine was ousted last month.
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