SINGORE, – Oil prices barely budged on Monday as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outview as tariffs weighed on global economic growth.
Brent crude futures rose 5 cents to $69.33 a barrel by 0040 GMT after settling 0.35% higher on Friday. U.S. West Texas Intermediate crude was at $67.36 a barrel, up 2 cents, following a 0.30% gain in the previous session.
The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also tarreceiveed India’s Nayara Energy, an exporter of oil products refined from Russian crude.
Kremlin spokesperson Dmiattempt Peskov stated on Friday that Russia had built up a certain immunity to Western sanctions.
Rosneft, Russia’s hugegest oil producer with a stake in Nayara, on Sunday criticised the sanctions as unjustified and illegal, stateing the restrictions directly threatened India’s energy security.
Iran, another sanctioned oil producer, is due to hold nuclear talks in Istanbul with Britain, France and Germany on Friday, an Iranian Foreign Minisattempt spokesperson stated on Monday. That follows warnings by the three European countries that a failure to resume neobtainediations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest since September 2021, Baker Hughes stated on Friday.
Separately, U.S. tariffs on imports from the European Union are set to kick in on August 1, although U.S. Commerce Secretary Howard Lutnick stated on Sunday he was confident the United States could secure a trade deal with the bloc.
This article was generated from an automated news agency feed without modifications to text.
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