WASHINGTON (dpa-AFX) - Oil extended losses on Monday after falling nearly 3 percent last week on ceasefire speculation around the Russia/Ukraine war.
Benchmark Brent crude futures were down 0.6 percent at $61.59 a barrel despite U.S. sanctions on Russia's state-owned Rosneft and private firm Lukoil taking effect on Friday. WTI crude futures slipped 0.2 percent to $57.69.
Supply fears faded following the announcement of a U.S. proposal to end the Russia-Ukraine conflict.
Top U.S. and Ukrainian officials said Sunday they'd made progress toward ending the Russia-Ukraine war but provided scant details.
After meeting Ukrainian officials in Geneva, U.S. Secretary of State Marco Rubio said that negotiators made 'significant' advances on the U.S.-backed 28-point plan and that the United States was giving Ukraine flexibility beyond Trump's proposed Nov. 27 response deadline.
A potential Ukraine-Russia peace deal coupled with easing of sanctions could increase crude flows into an already well-supplied market.
Investors also weighed the chances of a Federal Reserve rate cut in December after New York Fed President John Williams hinted at potential rate cuts, calling current policy 'modestly restrictive.'
According to the CME FedWatch tool, the odds of another Federal Reserve rate cut in December surged to 70 percent from 44.4 percent earlier.
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