WTI strives to gain ground above $70.00, seeks more development in Russia-Ukraine peace

• The Oil price aims for a firm footing above $70.00 after a significant fall on Friday.
• Russia-Ukraine peace would increase the flow of global oil supply, which would weaken its price.
• The OPEC is planning to postpone its planned monthly supply increase.

West Texas Intermediate (WTI), futures on NYMEX, bounces to near $70.44 in Monday's European session after posting an over seven-week low around $70.00 on Friday. The outlook of the Oil price remains uncertain as investors seek more development in Russia-Unites States (US) talks for ending the war in Ukraine, which entered its fourth year on Monday.

Last week, the US agreed to hold more talks with Russia after having long discussions on a truce with Ukraine in Riyadh, without having Ukraine and the European Union (EU) on the table. The US government also said that President Donald Trump is expected to meet Russian leader Vladimir Putin by this month. Over that Ukrainian leader Volodymyr Zelenskiy clarified that any agreement without their consent won't be acceptable.

Meanwhile, President Trump has accused the Ukrainian leader of starting the war. On that, Zelenskyy has said that he is willing to step down if Ukraine gets NATO membership.

More positive developments in Russia-US peace talks would be an unfavorable scenario for the Oil price. Europe and the US are expected to revoke their sanctions on Russia if it calls of war in Ukraine. Such a scenario would lead to an increase in the seaborne oil flows.

Meanwhile, investors will also focus on OPEC's decision about whether it will increase its monthly supply, which are expected in April. Last week, Bloomberg reported that the OPEC is planning to delay its planned monthly supply increase.