WTI crude oil futures fell below $58 per barrel on Monday, driven by rising expectations of a potential peace agreement between Russia and Ukraine. Benchmark January futures dropped 0.34% to $57.86 per barrel, while December MCX crude futures saw a slight dip of 0.42%, trading at ₹5,198. The strength of the US dollar further weighed on oil, with the dollar index holding steady above 100, close to a six-month high. As investors continue to digest the Federal Reserve's outlook, expectations of a near-term rate cut remain amid concerns over labor market weakness. Oil prices are now down over 4% this month, positioning crude for a fourth consecutive monthly decline.

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