Doha: Oil prices fell on Monday, extending losses from last week, as peace talks between Russia and Ukraine moved closer to a resolution. Brent crude futures fell 14 cents, or 0.22%, to $62.42 a barrel by 01:48 GMT. West Texas Intermediate crude futures fell 15 cents, or 0.26%, to $57.91 a barrel.

According to National Iraqi News Agency, both benchmark crudes fell by about 3% last week, hitting their lowest levels since October 21. Investors felt that a Russian-Ukrainian peace agreement could lead to the lifting of sanctions on Moscow and flood the market with previously sanctioned supplies.