Oil fluctuated as the market awaited an OPEC+ meeting on supply policy, while a CNN report said the US may impose new sanctions on Russia.
Brent traded below $65 a barrel after a quiet session on Monday due to holidays in London and New York. Prices pared earlier losses after CNN said fresh penalties on Moscow may be announced in the coming days, potentially bolstering the risks to crude supplies in one of the world's largest producers.
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OPEC and its allies, including Russia, may decide on another bumper output increase this weekend. Meanwhile, Brussels has agreed to accelerate negotiations with the US, just days after criticism from President Donald Trump.
Global markets have been rattled by Trump's tariffs and retaliatory measures from targeted countries, including China. The US President also said he's considering new sanctions against Russia after large drone attacks on Ukraine in recent days.
Oil has trended lower since mid-January on concerns around the fallout from trade tensions, with a push by OPEC+ to restore idled supply adding to headwinds. Prices have since stabilized near $65 as traders await the next output move from OPEC+, due in the coming days.
“Crude prices appear to be consolidating around the $65 level as markets await the upcoming OPEC+ meeting,” said Ole Hvalbye, an analyst at SEB AB. “We assign a high probability to another sizeable output increase of 411,000 barrels per day.”
OPEC+ has brought forward a video-conference that will decide July production levels for eight key members by one day to May 31, according to delegates with knowledge of the matter. The group held preliminary talks last week on making a large production hike for a third consecutive month.
Prices:
Brent slipped 0.3% to $64.54 a barrel as of 8:58 a.m. in New York.
WTI declined to $61.31 a barrel versus Friday's close.
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