Oil extended after the biggest weekly loss since early October, as traders weighed the prospect of a Ukraine-Russia peace deal that could increase crude flows into an already well-supplied market.

Brent traded above $62 a barrel after slumping almost 3% last week, while West Texas Intermediate was below $58. European leaders and other allies have told the US the plan needed more work to try and restrain a Trump administration looking to give concessions to Russia and impose terms by Thanksgiving.

Following US-Ukrainian talks on Sunday in Geneva, US Secretary of State Marco Rubio said that President Donald Trump's proposed Nov. 27 deadline to secure Ukraine's support for the plan could drift into the following week.

Crude traders are closely monitoring whether a deal will materialize, and if sanctions on Russia will be gradually lifted — developments that could inject additional supply into a market already anticipating a major surplus next year. OPEC+ and other producers, particularly in the Americas, have ramped up output, and the outlook has put prices on course for an annual decline.

Brent for January settlement fell 0.4% to $62.34 a barrel at 7:14 a.m. in Singapore.

WTI for January delivery slid 0.3% to $57.88 a barrel.

Source: Bloomberg