Oil firms as market weighs Iran sanctions and talks over Russia-Ukraine ceasefire

Oil Gains as Industry Report Points to Big Drop in US Stockpiles

Oil rose after an industry report signaled a major contraction in US crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea.

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Oil firms as market weighs Iran sanctions and talks over Russia-Ukraine ceasefire

Oil prices strengthened in choppy trade on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against talks to end the war in Ukraine, which could increase supply of Russian crude to global markets.Brent crude futures rose 32 cents, or 0.44 per cent, to $72.48 a barrel by 1252 G

Oil prices steady as investors watch Russia-Ukraine ceasefire talks and OPEC+ output trends

Market participants are also monitoring the impact from new Iran-related U.S. sanctions announced last week

Brent crude oil (the global benchmark) rose 0.02%, while WTI (the American benchmark) fell 0.16%

Geopolitics, OPEC+ and sanctions drive near-term price volatility – London Business News

Crude oil prices continue to hover near their lows and remain at risk. The potential for progress in…