Sharjah24 – Reuters: Oil prices calmed down after fluctuating initially on Monday, as investors eyed contrasting scenarios of tighter Russian energy supplies due to the Ukraine crisis and more crude coming to the market on a possible nuclear deal between Iran and world powers.

Brent crude futures and U.S. West Texas Intermediate (WTI) crude rose more than $1 a barrel at the start of Asian trade and subsequently swung to nearly $1 loss on news of a possible summit between the United States and Russia.

The office of French President Emmanuel Macron said in a statement on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine.

Brent crude futures were at $93.39 a barrel at 0445 GMT, down 15 cents or 0.2%, after earlier touching $95, while U.S. West Texas Intermediate (WTI) crude futures had climbed 7 cents to $91.14 a barrel, off an earlier high of $92.93. U.S. markets will be closed on Monday for the Presidents Day holiday.