India, Feb. 13 -- Oil prices were moving lower on Thursday, extending steep losses from the previous session, thanks to potential Ukraine-Russia talks, rising U.S. crude stockpiles and hotter-than-expected U.S. CPI data.
Benchmark Brent crude futures were down 0.9 percent at $74.47 in European trade while WTI crude futures fell a little over 1 percent to $70.64.
After a phone call between U.S. President Donald Trump and Russian President Vladimir Putin, there are expectations that a potential peace deal between Ukraine and Russia would usher in the end of sanctions affecting supply flows.
Data showing a huge jump in crude inventories also weighed on prices. According to the Energy Information Administration (EIA), crude oil inventories j...