WASHINGTON (dpa-AFX) - The easing in crude oil prices continued unabated on Monday with both Brent and WTI shedding a little less than a quarter percent. The sentiment is attributed to the prospect of peace in Eastern Europe, as talks to end the war between Russia and Ukraine are expected to begin in Saudi Arabia later in the week. Supply concerns are expected to ease if an end to the war also portends a reversal of sanctions on Russia and an easier flow of Russian crude oil to the global markets.
The easing in the prices of the black liquid comes also amidst the Dollar's strength. The Dollar Index which measures the U.S. Dollar's strength against a basket of 6 currencies is currently at 106.83 versus 106.71 at close on Friday.
Brent Oil Futures for April settlement is currently trading at $74.66, having slipped 0.11 percent from the previous close of $74.74 on Friday. Brent oil had declined 0.37 percent on Friday, 0.21 percent on Thursday and 2.4 percent on Wednesday.
The day's trading ranged between $75.21 and $74.19 whereas the 52-week trading range was between $68.68 and $92.18.
Losses are more than 1.6 percent over the past week and 7.6 percent over the past month. Brent oil is currently down more than 20 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for April settlement edged down 0.03 percent from the previous close of $70.71 to trade at $70.69. WTI Crude oil had declined 0.60 percent on Friday, 0.14 percent on Thursday and 2.5 percent on Wednesday.
Prices ranged between a high of $71.19 and a low of $70.50 in the day's trading. Trading has ranged between $64.61 and $86.97 over the past 52 weeks.
Losses in the past week exceed 1.8 percent. Over the past month, the decline exceeds 9.2 percent. Prices are currently 21.6 percent below the levels three years ago.
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