Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.
Brent crude futures was up 7 cents at $74.81 a barrel at 0430 GMT, while U.S. West Texas Intermediate crude was stable at $70.75 a barrel.
The market continued to keep an eye on progress of peace talks, after U.S. President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.
“If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“Despite bearish developments, the near-term for oil looks somewhat supported by positive signs on the demand side,” said Sachdeva, pointing to largely stable forecasts for oil demand.
U.S. President Donald Trump said on Sunday he believes he could meet “very soon” with Russian President Vladimir Putin to discuss ending the war in Ukraine.
