Oil prices remained steady on Monday as investors watched developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows. Brent crude futures fell 1 cent to $74.73 a barrel, while US West Texas Intermediate crude decreased 7 cents to $70.67 a barrel.
The market is monitoring progress in peace talks between the US and Russia, following comments from US President Donald Trump that he believes he can meet with Russian President Vladimir Putin “very soon” to discuss ending the war in Ukraine. Talks are set to take place in Saudi Arabia this week.
Sanctions on Russian oil exports have reduced shipments and disrupted global supply flows. However, a positive demand outlook and recent signs of increased US oil production could support oil prices in the near term.
The oil rig count rose for the third consecutive week, with 588 rigs added in the week to February 14, according to energy services firm Baker Hughes. This increase suggests that future output may be on the rise.
Source: https://www.reuters.com/business/energy/oil-falls-4th-day-expectations-russia-ukraine-peace-may-lift-supply-2025-02-17