- Oil holds steady after rally driven by sanctions
- The WTI prompt-month contract dipped $0.01 to $61.49/Bbl early Monday (7:45 AM CT)
- The US imposed sanctions on Russia’s top oil producers, Rosneft and Lukoil, aiming to pressure Moscow without fully dismantling its export program
- These measures helped crude rebound from a five-month low last week
- Washington’s actions coincided with new sanctions from Brussels and London, further tightening restrictions on Russia’s energy trade
- Top negotiators reported progress on key points, paving the way for President Trump and Xi Jinping to finalize a trade agreement
- The deal sidesteps contentious issues such as national security concerns and Trump’s core goal of rebalancing trade, leaving those disputes unresolved
- Meanwhile, OPEC+ continues to add barrels, with some members, like Kuwait, hinting at additional increases, fueling concerns about oversupply
- The oil market is expected to remain in surplus as output from the “American Quintet” (US, Canada, Brazil, Guyana, and Argentina) outpaces demand growth, which is slowing as China shifts away from heavy industry and combustion vehicles, according to IEA Executive Director Faith Birol
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