Oil Extends Fall as Traders Assess Russia-Ukraine Peace Talk Prospects

Core Insights - Oil prices are declining as investors evaluate the potential for a peace agreement between Ukraine and Russia, which could impact market dynamics significantly [1][2] Oil Market Analysis - Brent crude oil prices decreased by 0.4% to $61.68 per barrel, while WTI crude oil prices fell by 0.5% to $57.79 per barrel, indicating a continuation of last week's downward trend [1] - Analysts from ING highlighted that developments regarding a potential peace agreement are crucial for the oil market, especially given the uncertainty surrounding the effects of sanctions on Russian companies Rosneft and Lukoil [2] - A peace deal could enhance the likelihood of sanctions being lifted or at least not enforced strictly, which would have significant implications for oil supply and pricing [2]