Oil prices remained stable on Monday after sliding over 4% the previous week, as markets turned their focus to upcoming talks between the U.S. and Russia regarding the Ukraine conflict. Brent crude edged up by 10 cents, closing at $66.69 per barrel, while U.S. West Texas Intermediate (WTI) rose by 12 cents to settle at $64.
U.S. President Donald Trump announced a meeting with Russian President Vladimir Putin on August 15 in Alaska to negotiate a resolution to the war in Ukraine. This follows growing U.S. pressure on Moscow, with the potential for tighter sanctions if a peace agreement isn’t reached. Trump had set a deadline for Russia to commit to peace, warning of secondary sanctions for oil buyers, though the U.S. only imposed extra tariffs on India.
UBS analyst Giovanni Staunovo noted prices dropped as fears of supply disruptions eased. UBS revised its year-end Brent forecast down to $62, citing increased supply from South America and strong output from sanctioned nations. ExxonMobil also announced earlier-than-expected oil production in Guyana, while Indian refiners secured 5 million barrels of WTI for August.
