Last week oil price declined to fall by about $4 a barrel after a US official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine.

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Brent crude futures were last down by $4.12 or 3.6 per cent at $108.55 a barrel at 0115 GMT on Monday. US West Texas Intermediate (WTI) crude futures eased $3.93 or 3.7 per cent to $105.40 a barrel. Both contracts have surged since Russia’s Feb. 24 invasion of Ukraine and are up roughly 40 per cent for the year to date.

On Sunday, US Deputy Secretary of State Wendy Sherman said that Russia is showing signs it might be willing to have substantive negotiations over Ukraine, even as Moscow intends to ” destroy” its neighbour. Russia’s invasion, which Moscow calls a “special operation,” has roiled energy markets globally.