Oil prices dip on Sunday, and Russia agrees to substantial negotiations over Ukraine.
Last week Brent was down 4.8% after reaching $139.13 on March 7.
Furthermore, U.S. crude reported a weekly dip of 5.7% after soaring to $130.50 on March 7.
However, both contracts last touched those price peaks in 2008.
Russian invasion called “special operation.”
In late February, Russia invaded Ukraine, and Moscow calls it a “special operation.”
Russia’s “special operation” has rattled oil and energy markets globally.
At 6:47 p.m. T (2247 GMT) Brent crude futures dipped $1.82, or 1.6% to $110. 85 a barrel.
Furthermore, WTI crude futures dipped $2.41, or 2.2%, to $106.92 a barrel.
However, Russia projected interest in substantial negotiations over Ukraine, despite Moscow’s attempt in “destroying” its neighbor, said U.S. Deputy Secretary of State Wendy Sherman on Sunday.
Russia’s interest in substantial negotiations
On Sunday, Kremlin spokesperson Dmitry Peskov said, as quoted by RIA news agency, Russia-Ukraine talks are not taking place right now but will continue on Monday.
The statement came after Ukrainian presidential adviser Oleksiy Aretovych said that Ukraine and Russia were actively conducting talks on Sunday.
However, on Sunday, Russia said it was counting on China’s support to withstand the economic blow of Western sanctions.
Nevertheless, the United Stated strictly warned Beijing not to supply that lifeline.
On Monday, U.S. National Security Adviser Jake Sullivan will meet China’s top diplomat Yang Jiechi in Rome.
He warned Beijing it would “absolutely” face consequences if they helped Moscow evade sweeping sanctions over the war in Ukraine.
As oil prices dip at the start of the session, investors are concerned about a tighter oil market following Russia’s action.
Nevertheless, traders assess the dip in oil prices for potential improvements in the supply outlook disrupted by the Ukraine crisis.