Oil steadies ahead of US-Russia talks

Oil prices were steady on Monday after falling more than 4% last week, as investors looked towards talks this week between the U.S. and Russia over the war in Ukraine.

Brent crude futures gained 12 cents, or 0.18%, to $66.71 barrel by 1:01 p.m. EDT (1701 GMT). U.S. West Texas Intermediate crude futures gained 19 cents, or 0.3%, to $64.07.

U.S. President Donald Trump said on Friday he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.

The talks follow increased U.S. pressure on Russia, raising the prospect of tighter penalties on Moscow if a peace deal is not reached.

Trump said on Monday both Ukraine and Russia would have to cede land to each other to end the war and that his talks with Putin would be aimed at taking the temperature on a possible deal.

"The recent sell-off in crude has paused as markets await Friday’s high-stakes meeting," StoneX analyst Alex Hodes said in a note on Monday.

Trump set a deadline of last Friday for Russia, which invaded Ukraine in February 2022, to agree to peace or have its oil buyers face secondary sanctions. At the same time, Washington is pressing India to reduce purchases of Russian oil.