Oil prices slightly down on Monday
Brent crude oil was priced at USD66.72 a barrel on Monday, down from USD67.03 on Friday. West Texas Intermediate eased to USD63.98 a barrel from USD64.40.
Oil prices eased at the start of the new week as uncertainty remained after the US failed to impose tougher sanctions on Russia on Friday.
US President Donald Trump said on Friday he would meet his Russian counterpart Vladimir Putin this coming Friday in Alaska, AFP reports.
The US is working to "schedule" a meeting between Trump, and his Russian and Ukrainian counterparts, Vice President JD Vance said Sunday.
"President Trump's deadline for Russia to strike a peace deal with Ukraine passed without stricter US sanctions imposed on Moscow," ING analysts Warren Patterson and Ewa Manthey said, adding that this likely contributed to the recent weakness in crude oil prices.
"If we do see some level of de-escalation, it would remove sanction risk from the oil market. This would likely drive prices lower, given the bearish fundamentals," ING analysts said.
Possible easing supply risk may come as the market grapples with planned production hikes next month.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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