Oil prices dip Monday as Ukraine and Russia negotiate

Oil prices fell by about 5$ a barrel Monday as investors monitor carefully the diplomatic talks between Russia and Ukraine taking place.

The countries enter the negotiations amid optimism that the side are willing to strike some type of agreement that will end the weeks of death and destruction in Ukraine by Russia.

A COVID-19 outbreak in mainland China also spooked the markets and brought down the price of crude oil as the week began. 

Stakeholders continue to watch how Russian oil exports will evolve this week after being banned in the U.S.

Britain said it would also phase them out entirely by the end of the year, while attempting to convince Saudi Arabia to increase its oil output. 

Russia, in the meantime, remains the world's No.1 exporter of crude and oil products, shipping about 7 million barrels a day – or roughly 7% of the world's supply. 

Also happening this week, the U.S. Federal Reserve will meet and is expected to begin raising interest rates, which would elevate the dollar and likely place falling pressure on oil prices.