Oil prices have demonstrated remarkable stability amid ongoing geopolitical tensions, particularly with the introduction of new sanctions against Russia. As of recent trading sessions, Brent crude futures were reported at $69.33 per barrel, while U.S. West Texas Intermediate crude stood at $67.36 . This consistency in pricing suggests that market participants are cautiously monitoring the implications of these sanctions on Russian oil supply and overall global production levels.
Brent crude futures climbed 6 cents to $69.34 a barrel by 0344 GMT after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was at $67.51 a barrel, up 17 cents, following a 0.30% decline in the previous session.
The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.
In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes said on Friday.
U.S. tariffs on European Union imports are set to kick in on August 1, although U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc.
"U.S. tariff concerns will continue to weigh in the lead up to August 1 deadline, while some support may come from oil inventory data if it shows tight supply," IG market analyst Tony Sycamore said.
"It feels very much like a $64-$70 range in play for the week ahead."
The European Union's latest sanctions package is particularly noteworthy, as it targets not only Russian oil exports but also companies like India's Nayara Energy . Despite the potential for significant disruptions to supply chains, the immediate market reaction has been muted. Analysts attribute this steadiness to a combination of mixed economic indicators from the United States and rising output from Middle Eastern producers . Thus far, traders appear to be adopting a wait-and-see approach as they assess how these factors will unfold in the coming weeks.
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