Oil prices dipped at the start of the session on Sunday, continuing a week-long decline, as a US source claimed Russia was indicating a willingness to engage in real talks over Ukraine.

ET, Brent crude futures had fallen $1.82, or 1.6 percent, to $110.85 per barrel. WTI crude futures dropped $2.41, or 2.2 percent, to $106.92 a barrel. 
Russia's invasion of Ukraine in the last week of February, which Moscow describes as a "special operation," has stirred up global energy markets. Brent was down 4.8 percent last week after peaking at $139.13 for March 7. After reaching a high of $130.50 on March 7, US crude fell 5.7 percent in a week. Both contracts last saw those price highs in 2008. [O/R]
Investors are concerned about a weaker oil market as a result of Russia's actions. Prices dipped last week as traders weighed potential improvements to the supply outlook, which had been hampered by the Ukraine conflict.
Russia is indicating a willingness to engage in real negotiations over Ukraine, despite Moscow's stated intention of "crushing" its neighbour, according to US Deputy Secretary of State Wendy Sherman on Sunday.
Russia-Ukraine negotiations are currently paused but will resume on Monday, according to Kremlin spokesperson Dmitry Peskov, as quoted by the RIA news agency on Sunday.

Peskov made the remarks after Ukrainian presidential adviser Oleksiy Arestovych indicated on Sunday that Ukraine and Russia were actively negotiating.

Russia said on Sunday that it was banking on China to help it ride the economic impact of Western sanctions over the Ukraine conflict, but the US warned Beijing not to give that support.

US National Security Adviser Jake Sullivan, who is scheduled to meet with China's top diplomat Yang Jiechi in Rome on Monday, has warned Beijing that it will "definitely" suffer consequences if it assists Moscow in avoiding sweeping sanctions over the Ukraine conflict.