Oil prices stable ahead of Trump-Zelenskiy meeting
Brent crude futures rose 9 cents, or 0.14 per cent, to $65.94 a barrel by 1300 GMT. U.S. West Texas Intermediate crude was up 7 cents, or 0.11 per cent, at $62.87.
Last week Brent eased by 1.1 per cent while WTI dropped 1.7 per cent.
Traders are awaiting a meeting later in the day between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy as they attempt to reach a peace deal to end Europe's deadliest war in 80 years.
Investors are watching for clues on potential ramifications for global oil supply, with potential for either a tightening of sanctions or steps toward reconciliation.
"I don't believe the oil market has priced in a full peace dividend that potentially could see prices of crude and EU gas suffer further setbacks," said Saxo Bank commodities strategist Ole Hansen.
Trump told Ukraine on Monday to give up hopes of getting back annexed Crimea or joining NATO, emerging more aligned with Moscow on seeking a peace deal instead of a ceasefire first after his meeting with Russian President Vladimir Putin in Alaska on Friday.
The Alaska summit ended with no agreement to resolve or pause the war, though Trump emerged from talks more aligned with Moscow on seeking a peace deal rather than a ceasefire first.
Meanwhile, White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop, reviving concerns about supply flows.
"India acts as a global clearing house for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro said.
The statement triggered some buying interest in the market, said SEB analyst Ole Hvalbye.
Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, said: "The U.S. adviser's sharp words on India's Russian crude imports, paired with postponed trade talks, revive concerns that energy flows remain hostage to trade and diplomatic frictions, even as peace prospects in Ukraine brighten."
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'Confronted and destroyed' An Islamic Jihad source told AFP the plan envisaged a 60-day ceasefire 'during which 10 Israeli hostages would be released alive, along with a number of bodies'. Out of 251 hostages taken during Hamas's October 2023 attack that triggered the war, 49 are still held in Gaza including 27 the Israeli military says are dead. The Islamic Jihad source said 'the remaining captives would be released in a second phase', with negotiations for a broader settlement to follow. They added that 'all factions are supportive' of the Egyptian and Qatari proposal. US President Donald Trump wrote on Truth Social: 'We will only see the return of the remaining hostages when Hamas is confronted and destroyed!!!' 'The sooner this takes place, the better the chances of success will be.' Last week, Prime Minister Benjamin Netanyahu said Israel 'will agree to an agreement in which all the hostages are released at once and according to our conditions for ending the war'. 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