Investing.com-- Oil prices slipped in Asian trading on Monday as investors braced for fresh tariff announcements from U.S. President Donald Trump, and awaited the outcome of Russia-Ukraine peace talks.

Brent Oil Futures expiring in May fell 0.4% to $71.88 per barrel as of 21:57 ET (01:57 GMT), while West Texas Intermediate (WTI) crude futures lost 0.3% to $67.67 per barrel.

Both contracts had recorded two consecutive weekly gains on Friday after fresh U.S. sanctions on Iranian oil.

Markets weigh fresh Trump tariff risks; Russia-Ukraine peace talks

President Trump is set to implement reciprocal tariffs on April 2, aiming to match the tariffs that other countries impose on U.S. goods.

The impending tariffs have created uncertainty among global investors.

Media reports over the weekend suggested that Trump is expected to take a narrower, more targeted approach to trade tariffs next month.

Rather than imposing industry-wide tariffs, Trump will reportedly focus on specific countries that account for a significant share of the U.S.’s trade imbalance.

According to the Wall Street Journal report, the administration is considering tariffs on around 15% of nations with persistent trade imbalances, referring to them as the “dirty 15.”

Likely targets include G-20 nations, along with India, Japan, China, and Vietnam.

Moreover, investors were assessing the development of U.S.-brokered Russia-Ukraine peace talks. If succeeded, the peace talks could lead to an increased supply of Russian oil, potentially pressuring oil prices.

A U.S. delegation will meet Russian officials on Monday to advance peace talks. Reuters reported that talks will include a potential Black Sea ceasefire and broader peace efforts in Ukraine.

The discussions follow meetings with Ukrainian diplomats on Sunday and come as President Trump intensifies efforts to halt the war.

OPEC+ production cut announcement caps losses

Oil-producing nations including Russia and other allies, called OPEC+, have announced that seven member nations will implement additional oil production cuts to compensate for previous overproduction.

These reductions, ranging from 189,000 to 435,000 barrels per day (bpd), are set to continue until June 2026, according to a new schedule on OPEC’s website.

This move is expected to more than offset the group’s planned monthly production increases scheduled to commence in April.