Oil prices traded flat to slightly lower on Monday as investors kept an eye on U.S. debt ceiling talks and fretted about China's economic recovery.
Benchmark Brent crude futures slipped 0.2 percent to $75.48 a barrel, while WTI crude futures were down 0.1 percent at $71.59.
The dollar index was showing a positive trend, as risk-off sentiment prevailed on renewed concerns over the health of regional U.S. banks and fears over the prospect of a historic U.S. default.
U.S. President Joe Biden and top Republican Kevin McCarthy are due to meet at the White House later today for talks on lifting the U.S. debt ceiling.
U.S. Treasury Secretary, Janet Yellen, has reiterated that the June 1 deadline for raising the federal debt ceiling is non-negotiable.
As negotiations continue, some lawmakers remain optimistic that a deal will be reached before the deadline.
Meanwhile, leaders of the world richest democracies agreed on Friday to stiffen sanctions against Russia and pledged financial support for Ukraine in its fight against Russia's invasion.
"Will broaden our actions to ensure that exports of all items critical to Russia's aggression including those used by Russia on the battlefield are restricted."
