Oil prices continue their downward trend compared to last week
Oil prices fell early in the session on Sunday, extending last week's slump after a US official said Russia was showing signs that it might be willing to engage in comprehensive negotiations on Ukraine.
Brent crude futures were down $1.82, or 1.6%, to $110.85 a barrel at 2247 GMT. WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel.
The Russian invasion of Ukraine in late February, which Moscow refers to as "special operations", upset energy markets around the world. Last week, Brent fell 4.8% after hitting $139.13 on March 7. WTI crude fell 5.7 percent week on week after hitting $130.50 on March 7. Both contracts last saw these price peaks in 2008.
Investors are worried about the oil market after this move by Russia. While the market evaluating possible improvements in the supply outlook, which was made tighter by the Ukraine crisis last week, prices fell.
The United States said on Sunday it was showing signs that Russia might be willing to engage in comprehensive negotiations on Ukraine.
Kremlin Spokesperson Dmitry Peskov said on Sunday that there have been no talks yet, after Ukraine's presidential adviser Oleksiy Arestovych said that Ukraine and Russia are actively negotiating on Sunday, Russia-Ukraine talks will continue on Monday.
Russia said on Sunday it trusts China to withstand the economic blow of Western sanctions on the war in Ukraine, but the US warned Beijing of this.
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