Oil prices stabilized during trading on Monday, as investors await peace discussions scheduled to be held between Russia and Ukraine this week, along with Russia denying news reports about the possibility of OPEC+ delaying its plans to restore production levels.
In terms of trading, Brent crude remained steady at $74.52 per barrel, while West Texas Intermediate crude rose slightly by 14% or 10 cents, reaching $70.61 per barrel.
This came after Russian Deputy Prime Minister and former Minister of Oil Alexander Novak denied media reports suggesting that OPEC+ might postpone its plan to raise production levels to pre-reduction levels, which is scheduled to take effect in April.
On another note, investors are closely watching the progress in the negotiations set to take place this week between Russia and Ukraine regarding a potential peace agreement between the two countries, as the third anniversary of the start of the war approaches. Reaching an agreement could lead to a easing of sanctions on Russia, which would enhance global oil supplies.
Additionally, authorities in Kurdistan indicated that they might resume oil exports again next month, which would further increase the global oil supply and exert additional pressure on oil prices.
However, oil prices remain stable despite these pressure factors, due to growing concerns of a global trade war among major economies, after U.S. President Donald Trump ordered officials to review retaliatory tariffs that could be imposed on countries that impose tariffs on American goods.
