Oil prices in the international market fell further on Monday, continuing the downward trend seen last week. The primary reasons for this decline are the progress in peace negotiations between Russia and Ukraine and the strengthening of the US dollar.
Brent crude futures dropped by 14 cents, or 0.22%, to $62.42 per barrel, while West Texas Intermediate (WTI) fell by 15 cents, or 0.26%, to trade at $57.91 per barrel.
Last week, both crude oil benchmarks recorded a decline of nearly 3%, reaching their lowest levels since October 21.
According to sources, if a peace agreement is reached between Russia and Ukraine, sanctions on Moscow may be eased. This could allow a significant amount of Russian oil to re-enter the global market, increasing supply and putting further pressure on prices.
