Oil steadied as investors tracked a risk-on mood in wider financial markets, which countered the impact of progress in peace talks over Ukraine that could pave the way for increased crude supplies.
West Texas Intermediate held near $59 a barrel after rising by more than 1% on Monday, while Brent closed above $63. Equities and most commodities rose on Monday on the outlook for further rate cuts from the Federal Reserve. Adding to the upbeat mood, US President Donald Trump and Chinese counterpart Xi Jinping held their first talks since agreeing to a tariff truce last month.
On Ukraine, Trump struck a positive tone on the prospects for a ceasefire after a weekend of talks narrowed disagreements over his latest peace proposal. Should a deal eventually be struck, the US and other nations may ease sanctions against Russia, potentially boosting crude supplies into a market that’s already facing a glut.
Prices:
WTI for January delivery added 0.1% to $58.91 a barrel at 7:29 a.m. in Singapore.
Brent for January settlement closed 1.3% higher at $63.37 a barrel on Monday.
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