Oil prices steadied on Monday as hopes for a Russia-Ukraine peace deal grew, raising the prospect of renewed Russian supply.
Both major benchmarks fell about 3% last week. In early Asian trade, WTI was flat at $58.05 and Brent hovered near $62.58.
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Prices are under pressure from two sides: progress in peace talks and a strengthening U.S. dollar. U.S. Secretary of State Marco Rubio said “tremendous progress” has been made, though details are scarce. A deal could allow sanctioned Russian crude to re-enter global markets.
Meanwhile, the dollar hit its highest level since late May, making dollar-priced oil more expensive for international buyers.
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