Oil falls as Iraq restores oil field output, Ukraine talks continue

Oil prices slipped 2% on Monday after Iraq restored production at one of its oil fields which accounts for 0.5% of world oil supply, while investors weighed ongoing talks to end the war in Ukraine.

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Brent crude futures were down $1.26, or 1.98%, at $62.49 a barrel, while US West Texas Intermediate (WTI) crude was at $58.88, down $1.20, or 2%.

Iraq restored production at Lukoil’s West Qurna 2 oil field, one of the world’s largest, after a leak on an export pipeline slashed its output, two Iraqi energy officials told Reuters on Monday.

Prices had marginally pared losses earlier after sources told Reuters that Iraq had shut down production at the field, which produces around 460,000 barrels per day.

Both contracts closed Friday's trading session at their highest levels since Nov. 18.