Oil prices dipped during afternoon deals on Monday, reversing earlier gains after the CEO of Russian sovereign wealth fund RDIF told CNBC that Moscow and Riyadh were “very close” to an oil deal.

International benchmark Brent crude futures traded at $33.21 a barrel Monday afternoon, down more than 2.6%, while U.S. West Texas Intermediate (WTI) futures stood at $27.66, more than 2.4% lower.

Oil surged last week — WTI and Brent are both coming off their best week on record — as Saudi Arabia called a meeting between OPEC and its allies, known as OPEC+, signaling there could be progress on a production cut.

Source: CNBC