Oil prices were little changed on Monday after posting steep weekly losses of more than 3%, as markets weighed the prospects of a possible peace deal in Ukraine and the likelihood that the US could lift sanctions on Russian oil exports.
International benchmark Brent crude was trading at $62.16 per barrel at 9.25 a.m. local time (0625 GMT), up 0.37% from the previous close of $61.93.
US benchmark West Texas Intermediate (WTI) also increased by about 0.34% to $58.13, compared to $57.93 in the prior session.
US announced that, following peace plan talks held in Geneva, Switzerland, aimed at ending the Russia-Ukraine war, the parties had prepared an "updated and revised draft peace framework."
A 28-article peace proposal drawn up under the Donald Trump administration had been presented to Kyiv earlier.
Ukrainian President Volodymyr Zelenskyy said Washington was working on a "peace plan" that could end the war, adding that his country would "never betray its national interests."
US Secretary of State Marco Rubio stressed that they held the "most productive meeting to date" during contacts in Switzerland on ending the Russia-Ukraine war.
Expectations that sanctions could be lifted and supply concerns could ease if a deal is reached are pressuring prices.
Meanwhile, comments from US Federal Reserve (Fed) officials have heightened uncertainty over monetary policy, weakening investor appetite and adding downward pressure on prices.
Market expectations for a rate cut at the Fed's December meeting fluctuated sharply throughout the week amid mixed signals from policymakers, while uncertainty over the bank’s upcoming decision persists.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr