Oil prices steady as markets eye Ukraine peace talks, possible US rate cut
Oil prices steadied on Monday following a roughly 3% drop last week, as investors weighed the possibility of a U.S. interest rate cut against potential easing of sanctions on Russia through a Moscow-Kyiv deal, News.Az reports, citing Reuters.
The United States and Ukraine are set to resume work on a revised peace plan ahead of Thursday’s deadline set by U.S. President Donald Trump, after agreeing to adjust an earlier version criticized for being too favorable to Moscow.
By 0458 GMT, Brent crude futures were unchanged at $62.56 per barrel, while West Texas Intermediate fell 2 cents, or 0.03%, to $58.04 a barrel. Both benchmarks marked their lowest settlements since October 21.
The sanctions have stranded nearly 48 million barrels of Russian crude at sea.
U.S. President Donald Trump has set a deadline of Thursday for the deal, though European leaders are pushing to improve it.
A peace deal could roll back sanctions that have curbed Russian oil exports. Russia was the second-largest producer of crude oil in the world after the United States in 2024, according to the U.S. Energy Information Administration.
Uncertainty regarding U.S. interest rate cuts is another factor suppressing investors' appetites.
However, the possibility of a rate cut next month increased after New York Federal Reserve President John Williams suggested a cut in the near term.
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