Oil prices fell on Monday, continuing the losses incurred last week, amid approaching peace talks between Russia and Ukraine and a stronger U.S. dollar.
اضافة اعلان
Brent crude futures dropped 14 cents, or 0.22%, to $62.42 per barrel, while West Texas Intermediate (WTI) crude fell 15 cents, or 0.26%, to $57.91 per barrel.
Both benchmark crude oils declined by nearly 3% last week, reaching their lowest levels since October 21, as market participants feared that a Russian-Ukrainian peace deal could lift sanctions on Moscow and flood the market with previously restricted supplies.
On Sunday, the United States and Ukraine said they had made progress in talks on a peace plan that would require Kyiv to cede territory and abandon plans to join NATO.
U.S. President Donald Trump set a deadline for next Thursday, despite European leaders pushing for a better deal. A peace agreement could potentially lead to a rollback of sanctions that have restrained Russian oil exports.
Russia was the world’s second-largest crude oil producer after the United States in 2024, according to the U.S. Energy Information Administration.
Investor appetite was also dampened by the prospect of more oil entering the market and uncertainty over potential U.S. interest rate cuts.
However, the probability of a rate cut next month rose after New York Federal Reserve President John Williams suggested lowering rates “in the near term.”
The dollar is on track for its largest weekly gain in six weeks, with the dollar index reaching its highest level since late May. A stronger U.S. dollar makes oil more expensive for holders of other currencies.
Reuters
