Oil prices dropped on Monday as traders monitored updates regarding the Russia-Ukraine conflict.

The West Texas Intermediate (WTI) for April delivery lost 6.32 U.S. dollars, or 5.8 percent, to settle at 103.01 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 5.77 dollars, or 5.1 percent, to close at 106.90 dollars a barrel on the London ICE Futures Exchange.

Traders anxiously eyed the fourth round of negotiations between Ukrainian and Russian delegations held Monday via video link.

Ukraine and Russia took a technical pause in their peace talks, Ukrainian Presidential Advisor Mykhailo Podolyak, also a member of the delegation, said Monday.

Earlier in the day, Podolyak said that the talks between Ukraine and Russia went on, although they were "hard."

For the week ending Friday, the WTI declined 5.5 percent and Brent lost 4.6 percent, based on the front-month contracts.