By Michelle Ndaga.
Oil prices fell in Asian trading on Monday, extending last week’s 4% losses, as markets awaited U.S.-Russia peace talks on the Ukraine war. Brent crude dropped 62 cents to $65.97 a barrel, while U.S. WTI fell 69 cents to $63.19.
The decline follows U.S. President Donald Trump’s announcement that he will meet Russian President Vladimir Putin in Alaska on August 15 to negotiate an end to the conflict, raising hopes of easing sanctions on Russian oil. Analysts warned prices could rebound sharply if talks fail.
Brent slid 4.4% and WTI 5.1% last week amid weaker economic data from China and concerns over Trump’s new tariffs, which could slow global growth.
