Oil prices fell by as much as $4 a barrel on Monday, extending last week’s decline as diplomatic efforts to end the war in Ukraine intensified and markets prepared for a US interest rate hike.<\/p>\n\n\n\n
Oil prices fell more than 5% on Monday to their lowest levels in nearly two weeks in hopes of progress toward a diplomatic end to Russia’s invasion of Ukraine, a development that would boost global supplies, while a pandemic-related travel ban in China cast doubt on demand.<\/p>\n\n\n\n
While a new round of negotiations begins on Tuesday, with Russian and Ukrainian authorities announcing their intention to hold a new round on Tuesday, it appears that the Ukrainian presidential adviser has set the date for the end of the war.<\/p>\n\n\n\n
Ukrainian presidential advisor Oleksiy Aristovich predicted that the war would end by next May, when Russia would run out of resources that it needs in its war on Ukraine.<\/p>\n\n\n\n
Norway’s state oil company Equinor said on Monday it would stop dealing in Russian oil as the company halted its activities in Russia after its invasion of Ukraine.<\/p>\n\n\n\n
The official announcement from Equinor comes four days after CEO Anders Obedal told Reuters that the company had stopped dealing in Russian oil.<\/p>\n\n\n\n
Brent crude futures were last down $3.81, or 3.4 percent, at $108.86 a barrel at 0741 GMT on Monday.<\/p>\n\n\n\n
US West Texas Intermediate crude futures also fell $3.85, or 3.5 percent, to $105.48 a barrel.<\/p>\n\n\n\n
Both contracts have risen since Russia’s invasion of Ukraine on February 24 and nearly 40 percent so far this year.<\/p>\n\n\n\n
Ukrainian and Russian negotiators are scheduled to speak again on Monday via video link after both sides signaled progress.<\/p>\n\n\n\n
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