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Oil Falls on Talks to End Ukraine War and Ahead of Fed Meeting

REUTERS/Eric Gaillard

 Oil prices shed as much as $4 a barrel on Monday, extending last week's decline as diplomatic efforts to end the war in Ukraine geared up and markets braced for higher U.S. interest rates, Reuters reports.

Brent crude futures were last down by $3.81 or 3.4% at $108.86 a barrel at 0741 GMT on Monday.

U.S. West Texas Intermediate (WTI) crude futures eased $3.85 or 3.5% to $105.48 a barrel.

Both contracts have surged since Russia's Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date.

Ukrainian and Russian negotiators are set to talk again on Monday via video link after both sides cited progress. read more

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