Oil held near two-month lows ahead of US-Russia talks
Crude oil benchmarks steadied on Monday, consolidating near two-month lows after a sharp 5% slide last week, as market attention shifted to high-stakes talks later this week
Crude oil benchmarks steadied on Monday, consolidating near two-month lows after a sharp 5% slide last week, as market attention shifted to high-stakes talks later this week between Washington and Moscow over the war in Ukraine.
Brent crude futures inched up 4 cents, or 0.06%, to $66.63 a barrel.
WTI rose 8 cents, or 0.13%, to $63.96.
Top officials from the US and Russia are scheduled to meet on 15 August to explore a possible peace deal to end the Ukraine war. The meeting comes amid heightened US pressure on Moscow, with the prospect of secondary sanctions if no agreement is reached.
Crude prices have already shed more than 10% so far this year, weighed down by OPEC+’s faster-than-expected production ramp-up as the group unwinds its 2023 output curbs, alongside mounting concerns over slowing global economic growth. A breakthrough in Ukraine could accelerate market shifts, potentially removing sanctions on Russian oil and eliminating perceived supply risks from one of the world’s largest exporters.
Written: Aiman Haikal