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Oil slips on Ukraine summit plan, prospect of Iran nuclear deal
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Oil prices fell on Monday on a plan for U.S. President Joe Biden and Russia's Vladimir Putin to hold a summit on the Ukraine crisis and on prospects of a nuclear deal between Iran and world powers in the next week or two.
The office of French President Emmanuel Macron said in a statement on Monday he had pitched to both leaders a summit over "security and strategic stability in Europe." The White House said Biden had accepted the meeting "in principle" but only "if an invasion hasn't happened."
Brent crude futures fell 73 cents or 0.8% to $92.81 at 0224 GMT after having jumped more $1 than to $95.00 in early trade, its highest level since Wednesday.
OIL'S 'WAR PREMIUM' AS RUSSIA-UKRAINE TANGLE
U.S. West Texas Intermediate (WTI) crude futures similarly fell 52 cents or 0.6% to $90.55 a barrel after having hit a high of $92.93.
Oil markets have been jittery over the past month on worries a Russian invasion of its neighbour could disrupt crude supplies, but price gains have been limited by the possibility of more than 1 million barrels a day of Iranian crude returning to the market.