Oil prices slipped on monday: extending last week's decline, on progress in Russia-Ukraine peace talks and a stronger US dollar. Brent crude futures declined 14 cents, or 0.22%, to $62.42 per barrel. West Texas Intermediate (WTI) futures slipped 15 cents, or 0.26%, to $57.91 per barrel.
According to Qatar News Agency, both benchmarks dropped around 3% last week, their lowest levels since October 21. This decline is amid concerns that a potential peace agreement could pave the way for lifting sanctions on Moscow. The lifting of these sanctions could lead to the return of previously sanctioned crude to global markets, affecting oil prices further.