WASHINGTON (dpa-AFX) - Oil prices dipped on Monday but held near two-week highs after U.S.-Russia talks failed to find a breakthrough.
Investors also expect a Federal Reserve rate cut on Wednesday could help boost economic growth and energy demand.
Benchmark Brent crude futures slipped 0.3 percent to $63.54 a barrel while WTI crude futures were down 0.3 percent at $59.91.
Both benchmarks settled on Friday at their strongest levels since November 18 as geopolitical risks threatened crude supplies from Russia and Venezuela.
As U.S.-Ukraine peace talks stall, U.S. President Donald Trump signaled frustration with Kyiv's response to recent diplomatic outreach.
On Sunday, Trump said, 'I have to say that I'm a little bit disappointed that President Zelensky hasn't yet read the peace proposal' to end the Ukraine-Russia war.
Trump's eldest son suggested that the president would abandon Ukraine if they don't make peace with Russia.
Speaking at the Doha Forum, Donald Trump Jr. claimed Ukraine was 'a far more corrupt country than Russia' and described Ukrainian President Volodymyr Zelensky as 'one of the great marketers of all time.'
Meanwhile, Reuters reported that the Group of Seven countries and the European Union are considering replacing the oil price cap on Russian oil exports with a full ban on maritime services, which would likely further curb supply from the world's second-largest oil producer.
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