Oil falls on fresh hope of diplomacy over Ukraine crisis | Reuters

Oil falls on fresh hope of diplomacy over Ukraine crisis | Reuters

Oil prices fell on Monday, reversing course from strong initial gains, as news of fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from concerns about crude supply.

Brent crude futures and U.S. West Texas Intermediate (WTI) crude rose more than $1 a barrel at the start of Asian trade as the Ukraine crisis threatened to disrupt Russian energy exports to Europe.

But prices subsequently swung to a near $1 loss after the office of French President Emmanuel Macron said in a statement on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine. read more

Brent crude futures slipped to $93.14 a barrel at 0730 GMT, down 40 cents or 0.4%, after earlier touching $95, while U.S. West Texas Intermediate (WTI) crude futures dropped 28 cents to $90.79 a barrel, off an earlier high of $92.93. U.S. markets will be closed on Monday for the Presidents Day holiday.