The increase in oil prices extended as markets feared that Russia and Ukraine were unlikely to reach a peace agreement soon after a meeting between Russian President Vladimir Putin and the US envoy failed to reach an agreement. Brent crude rose 1.1% to $63.14 a barrel; West Texas Intermediate rose 1.3% to $59.40 a barrel. The lack of major breakthroughs in the peace talks, combined with continued attacks on Russia's energy infrastructure, is driving up oil prices. However, as concerns about global oversupply continue to weigh on the oil outlook, Brent crude oil and West Texas Intermediate remain in a narrow trading range.

The increase in oil prices extended as markets feared that Russia and Ukraine were unlikely to reach a peace agreement soon after a meeting between Russian President Vladimir Putin and the US envoy failed to reach an agreement. Brent crude rose 1.1% to $63.14 a barrel; West Texas Intermediate rose 1.3% to $59.40 a barrel. The lack of major breakthroughs in the peace talks, combined with continued attacks on Russia's energy infrastructure, is driving up oil prices. However, as concerns about global oversupply continue to weigh on the oil outlook, Brent crude oil and West Texas Intermediate remain in a narrow trading range.