By Yuka Obayashi and Jalin Lerah
Singapore (Reuters) -Ol prices changed very little on Mondays, as investors developed on a potential Russia -Ukraine peace deal, which could reduce restrictions that disrupt global supply flows.
Brent crude futures were 7 cents up at $ 74.81 per barrel at 0430 GMT, while US West Texas Intermediate crude was stable at $ 70.75 per barrel.
US President Donald Trump and his administration officials announced that they had started discussing with Russia to end the war in Ukraine, the market monitored the progress of peace talks.
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Priyanka Sachdeva, senior market analyst from Philip Nova, said, “If the conversation leads to a resolution, more Russian barrels will enter global supply, which can negatively affect oil prices,” Philip Nova’s senior Market analyst Priyanka Sachdeva said.
“Despite the development of the recession, the proximity to oil to some extent seems to be supported by positive signals on the demand side,” Sachdeva said, pointing to a large-scale stable forecast for the demand of oil.
US President Donald Trump said on Sunday that he believes that he could get “very soon” with Russian President Vladimir Putin to discuss the end of war in Ukraine.
Their comments come as the United States and Russia are preparing for initial talks in Saudi Arabia in the coming days.
US State Secretary Marco Rubio also said in Ukraine and Europe on Sunday that Moscow would be part of any “real talks” to end the war, indicating that American conversation with Russia this week is a chance to see this. Was how serious Putin is about peace.
Russian oil exports by the US and the European Union on its shipment have curbed and disrupted the flow of sebourne oil supply.
Meanwhile, the risk of a global trade war is reducing prices after Trump last week and commerce and economic authorities were ordered to study mutual tariffs against countries that keep tariffs on American goods and 1 April Till back your recommendations.
US energy firms added oil and natural gas rigs for a third week in a line for the first time since December 2023, energy services firm Baker Hughes said in his report on Friday.
Oil and gas rig count, an early indicator of future production, increased by two to 588 by 14 February.
(Reporting by Yuka Obayashi in Tokyo and Jalin Learh in Singapore;
Disclaimer: This report is an auto generated from Reuters News Service. Theprint does not have any responsibility for its content.