Oil prices dip as Russia-Ukraine talks raise hopes
Oil prices slipped on Monday, with Brent at $62.42 and WTI at $57.91, as Russia and Ukraine made progress in peace talks.
Both benchmarks hit their lowest since October, dropping about 3% last week.
The market's watching closely to see what happens next.
What's driving the change?
If a peace deal is reached—possibly involving Ukraine making compromises and NATO pausing expansion—sanctions on Russian oil could ease up.
That means Russia, already the world's #2 oil producer after the US, might export a lot more oil soon—a peace deal could roll back sanctions that have curbed Russian oil exports.
Other factors shaking things up
Even though new US sanctions just left nearly 48 million barrels of Russian oil stuck at sea, traders are focused on the peace talks.
Plus, a stronger US dollar is making oil pricier for buyers worldwide.
With interest rates possibly changing soon too, everyone's waiting to see how it all plays out.