Crude oil prices continue to stagnate following recent developments on Ukraine -Russia talks raising hopes that a diplomatic solution can be reached even as attacks continue.
In the European session, Brent crude futures traded down about 2.6% at $ 109 a barrel, extending the decline recorded last week.
While the US benchmark WTI was down around 3% to trade at $ 105 a barrel.
Russia and Ukraine issued an optimistic statement after talks over the weekend indicating that there may be a positive outcome in the next few days.
Investors are now awaiting reports from the International Energy Agency (IEA) and OPEC which are both expected to show a surplus in crude oil supply for the year.
In addition, investors are also following developments on Iran’s nuclear talks which are still at a stalemate after Russia’s last-minute demands have forced world powers to halt negotiations.
Both crude oil benchmarks have soared since Russia’s attack on Ukraine began on February 24, with a record of around 40% this year.
