Oil prices were largely steady in Asian trading on Monday following sharp weekly gains, supported by fading expectations of an immediate Russia-Ukraine ceasefire and dovish signals from the U.S. Federal Reserve indicating a potential rate cut next month.
As of 21:20 ET (01:20 GMT), Brent Oil Futures expiring in October edged up 0.1% to $67.77 per barrel, while West Texas Intermediate (WTI) crude futures also gained 0.1% to $63.72 per barrel.
Brent futures surged nearly 3% last week, while WTI crude contracts also saw strong gains.
Traders assess geopolitical developments for oil supply outlook
Last week, U.S. President Donald Trump proposed a trilateral summit involving Ukraine and Russia, aiming to facilitate peace talks.
Ukrainian President Volodymyr Zelenskiy welcomed the initiative, viewing it as a step toward ending the conflict.
Trump has acknowledged that while Russian President Putin might be "tired" of the war, it remains uncertain whether he desires a resolution.
The prospect of a ceasefire has led to concerns over a global oil supply surplus, especially if U.S. sanctions on Russian oil are eased following a peace agreement.
However, oil prices remain supported as early optimism over a potential Russia-Ukraine ceasefire continues to wane.
Trump’s additional India tariffs in focus
In trade developments, the U.S. is set to implement an additional 25% penalty tariff on Indian goods starting August 27, bringing the total tariff to 50%.
Source :
https://www.investing.com/news/commodities-news/oil-prices-hold-gains-on-geopolitical-uncertainty-fed-rate-cut-hopes-4208008
