Oil Steady with Russia-Ukraine, US-Iran Talks in Focus
Oil steadied after a two-day rally with upcoming talks between Russia and Ukraine, as well as the US and Iran in focus.
West Texas Intermediate traded below $63 a barrel while Brent crude settled above $65 on Monday. US President Donald Trump said Ukraine and Russia would “very soon” begin ceasefire negotiations, but likely without the US and with no sign of further pressure on the OPEC+ producer.
Iran, meanwhile, said its ability to enrich uranium was “absolutely non-negotiable” as part of ongoing talks with Washington. That is a key condition that the US has sought to break. The nuclear deal could pave the way for sanctions relief, including on oil exports.
Crude prices have recovered this month, after Brent fell nearly 16% in April, as an easing of the trade war between the US and China boosted risk sentiment. However, any indication of easing sanctions on Iran or Russia could add more barrels to a global market already facing a glut this year. WTI for June delivery edged up 0.1% to $62.75 a barrel as of 7:31 a.m. in Singapore. Brent for July delivery settled up 0.2% to $65.54 a barrel.
Source: Bloomberg
