Oil becalmed as investors weigh hopes for Ukraine peace talks, US rate cut

Oil prices took a breather on Monday after last week’s fall of about 3%, as investors weighed the chances for a US rate cut against the prospect of a Russia-Ukraine deal that could free up more Russian supply through an easing of sanctions. The United States and Ukraine were set to resume work on a revised plan for the peace deal ahead of a Thursday deadline set by US President Donald Trump, after having agreed to adjust an earlier version that critics said was too favourable to Moscow. Brent crude futures were unchanged at $62.56 per barrel by 0458 GMT, while West Texas Intermediate was down 2 cents, or 0.03%, at $58.04 a barrel. Both benchmarks hit their lowest settlements since October 21. “The sell-off was triggered mainly by President Trump’s forceful push for a Russia-Ukraine peace deal, which markets see as a fast track to unlocking substantial Russian supply,” IG analyst Tony Sycamore wrote in a note.