Oil prices continued to fall on Monday, adding to last week’s decline, as talks between Russia and Ukraine moved closer to a peace deal and the U.S. dollar gained strength.
Brent crude dropped 14 cents, or about 0.22%, to reach $62.42 a barrel as of 01:48 GMT.
U.S. West Texas Intermediate crude slipped 15 cents, or 0.26%, to $57.91 a barrel.
Both major benchmarks lost nearly 3% last week, hitting their lowest levels since October 21. Traders believe that if Russia and Ukraine reach an agreement, sanctions on Moscow may be eased, opening the door for large amounts of Russian oil to flow back into global markets — a move that would increase supply and push prices even lower.
