WTI crude slumps more than 5%, Brent below $108

Oil drilling rigs

Oil prices declined on Monday after Ukrainian President Volodymyr Zelenskyy said that the talks with Russia resulted in tangible developments, and amid latest updates on the spread of coronavirus.

The international benchmark Brent crude was trading down 4.29% at $107.84 per barrel, at 1.30 pm Makkah time.

West Texas Intermediate (WTI) crude fell 5.31% to $103.52 a barrel.

Zelenskyy’s senior adviser confirmed that talks are being held with Moscow via video conference. Meanwhile, Russian President Vladimir Putin communicated with his French and German counterparts after they spoke with Zelenskyy.

Separately, senior advisors to US President Joe Biden are said to be working to step up pressure on China to impose sanctions on Russia, in line with moves by the US and its European and Asian allies.

The White House announced that National Security Advisor Jake Sullivan will meet with the senior Chinese diplomats in Rome today.

Further, a fresh rise in coronavirus cases in China has also sparked concerns regarding oil demand.