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12/08/2025 04:37 AST
Oil prices edged higher on Monday, after falling more than 4 percent last week, as investors looked ahead to talks this week between the US and Russia over the war in Ukraine.
Brent crude futures were up 37 cents, or 0.6 percent, at $66.96 a barrel by 3:18 p.m. Saudi time. US West Texas Intermediate crude futures rose 38 cents, also 0.6 percent, to $64.26.
US President Donald Trump said on Friday that he would meet Russian President Vladimir Putin on Aug. 15 in Alaska to negotiate an end to the war in Ukraine.
The talks follow increased US pressure on Russia, raising the prospect that penalties on Moscow could be tightened if a peace deal is not reached.
Trump set a deadline of last Friday for Russia, which invaded Ukraine in February 2022, to agree to peace or have its oil buyers face secondary sanctions. At the same time, Washington is pressing India to reduce purchases of Russian oil.
Oil prices fell in recent days as market participants reduced supply disruption estimates, probably because the US only imposed an extra tariff on India rather than all buyers of Russian oil, said UBS analyst Giovanni Staunovo.
UBS has lowered its year-end Brent crude forecast to $62 a barrel from $68, citing higher supply from South America and resilient output from sanctioned countries.
The bank added that Indian demand had fallen short of its expectations of late and that it expected OPEC+ to pause its production increases unless larger unexpected supply disruptions emerge.
An Exxon Mobil-led consortium began crude production four months earlier than expected at a fourth floating production, storage and offloading vessel in Guyana, Exxon said on Friday.
Trump's higher tariffs on imports from dozens of countries, which took effect on Thursday, are expected to weigh on economic activity as they force changes to supply chains and fuel higher inflation.
Separately, data from the National Bureau of Statistics on Saturday showed China's producer prices fell more than expected in July.
Reuters
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 66.32 | -0.09 | -0.14 |
| WTI | 63.35 | -0.47 | -0.74 |
| OPEC Basket | 68.91 | -0.58 | -0.83 |
08/08/2025
Oil prices rose on Thursday, recovering from a five-day losing streak, on signs of steady demand in the US, the world's largest oil consumer, although concerns over the economic impact of Washington'
Reuters
07/08/2025
Oil prices edged up about 1 percent on Wednesday after falling to a five-week low in the prior session after US President Donald Trump imposed higher tariffs on India for buying Russian crude and a l
Reuters
05/08/2025
Oil prices edged higher on Monday, paring earlier losses, as traders expect the market to absorb another large output hike by OPEC+ in September, while worries about disruptions to Russian oil shipme
Reuters
04/08/2025
The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.
In a statement iss
Arab News
01/08/2025
Oil prices fell on Thursday as investors weighed the supply risks from US President Donald Trump's push for a swift resolution to the war in Ukraine through more tariffs, while a surprise build in US
Reuters
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