Oil prices fell on Monday, deepening losses of more than 4% last week, as investors awaited the outcome of talks between the United States and Russia later this week regarding the war in Ukraine.
Brent crude futures for October delivery fell 0.55%, or 36 cents, to $66.23 a barrel as of 8:07 a.m. Mecca time.
US Nymex crude futures for September delivery also fell 0.75%, or 47 cents, to $63.41 a barrel.
Expectations of a possible end to sanctions that have restricted Russian oil supplies to global markets rose after US President Donald Trump announced on Friday that he would meet with his Russian counterpart Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine, according to Reuters.
This comes after data from China's National Bureau of Statistics showed that the consumer price index (CPI) remained stable year-on-year in July, compared to a slight increase of 0.1% in June, while the producer price index (PPI) fell by 3.6%, exceeding expectations for a 3.3% decline
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