Oil prices fell on Monday, continuing their downward trend that began last week, amid growing optimism about a breakthrough in peace talks between Russia and Ukraine, in addition to the rising value of the US dollar.
By 01:48 GMT, Brent crude futures were down 14 cents, or 0.22%, to $62.42 a barrel. West Texas Intermediate crude futures also fell 15 cents, or 0.26%, to $57.91 a barrel.
Both benchmarks fell about 3% last week, reaching their lowest levels since October 21, due to traders’ concerns that a “Russian-Ukrainian peace agreement” would lift sanctions on Moscow, thus flooding the market with supplies that were subject to those sanctions.
