Oil prices were little changed on Monday after last week's roughly 3 per cent drop, as investors weighed a potential US interest rate cut against the possibility of a Russia-Ukraine peace deal that could ease sanctions and release more Russian supply. Brent crude was unchanged at $62.56 per barrel, while West Texas Intermediate (WTI) fell 2 cents to $58.04, both near their lowest settlements since 21 October. The US and Ukraine are revising a peace plan ahead of a Thursday deadline set by President Donald Trump. Analysts said progress on the deal outweighs short-term disruption from US sanctions on Russian firms Rosneft and Lukoil, which have stranded nearly 48 million barrels at sea. Russia remains the world's second-largest oil producer after the US. Uncertainty over US rate policy also affected markets, though expectations of a December cut, following comments from New York Fed President John Williams, could support risk appetite. Analysts noted crude's 17 per cent decline this year may prompt gradual value buying at current levels. Attribution: Reuters
