05:17 AM EDT, 03/24/2025 (MT Newswires) -- Crude oil prices eased early on Monday on a mixed supply-demand outlook mainly due to recent geopolitical events, including talks aimed at ending the Russia-Ukraine war.

Brent crude lost 0.2% to US$71.99/barrel and West Texas Intermediate crude fell 0.2% to US$68.14/b at last look. Both benchmarks are coming off two straight weekly gains on fresh U.S. sanctions on Iran and a plan by the Organization of the Petroleum Exporting Countries and allied producers for over-producing members to cut supply, Reuters said in a Monday report. However, OPEC+ still intends to push through with a plan to boost output starting in April, the report said.

A U.S. delegation is expected to work toward a Black Sea ceasefire and a broader cessation of violence in the war in Ukraine in a meeting with Russian officials on Monday, which follows discussions with diplomats from Ukraine on Sunday, Reuters reported.

"Expectations of progress in peace negotiations between Russia and Ukraine and a potential easing of U.S. sanctions on Russian oil pressured prices lower," Reuters quoted Toshitaka Tazawa, an analyst at Fujitomi Securities, as saying.