Oil settled higher as market weighed US–Ukraine talks against fundamental concerns
Prices found support after discussions between the United States and Ukraine signalled an effort to convene a trilateral summit with Russia aimed at resolving the ongoing conflict.
Crude oil prices closed higher on Monday, extending recent gains as geopolitical developments and monetary policy expectations continued to tug the market in opposing directions.
Brent crude futures advanced 75 cents, or 1.14%, to settle at $66.60 a barrel,
WTI added 62 cents, or 0.99%, to $63.42.
Prices found support after discussions between the United States and Ukraine signalled an effort to convene a trilateral summit with Russia aimed at resolving the ongoing conflict. The move highlighted Washington’s shift towards a negotiated settlement rather than an immediate ceasefire.
Still, the broader trend remains subdued. Oil is trading more than 10% lower since the start of the year, weighed down by persistent concerns over oversupply and slowing demand growth. Analysts noted that while prices are likely to stay sensitive to geopolitical headlines, structural constraints are expected to cap further upside until the underlying supply–demand balance shows a sustained improvement.
Written: Aiman Haikal