Plentiful supply and weak demand has helped bring down fuel prices, which President Trump has often cited as a measure of his success.

Oil prices are in focus because the West may lift some or all of its sanctions on Russian crude if this week’s talks lead to a peace deal. The Brent international benchmark rose 0.18% to $65.97 a barrel, and West Texas Intermediate U.S. prices were up 0.24% to $62.12 a barrel by midday.

If a peace between Russia and Ukraine is reached, there is no downside to oil prices since Russian oil is "already flowing at full throttle,” said Manish Raj, managing director at Velandera Energy Partners.