Oil prices held largely steady on Monday after an initial dip in early trading, as the United States avoided imposing fresh measures to disrupt Russia’s oil exports despite ongoing pressure over the Ukraine war.
Brent crude futures slipped by six cents, or 0.09 per cent, to \$65.79 per barrel at 4:42 a.m. WAT, while U.S. West Texas Intermediate (WTI) crude edged up two cents, or 0.03 per cent, to \$62.82 a barrel.
According to Reuters, investors are closely monitoring Federal Reserve Chairman Jerome Powell’s remarks at this week’s Jackson Hole meeting for signals on the timing of potential interest rate cuts. Such a move could lift stocks to fresh record highs.
“It’s likely he will remain noncommittal and data-dependent, especially with one more payroll and Consumer Price Index (CPI) report before the September 17 FOMC meeting,” IG market analyst Tony Sycamore told Reuters in a note.
The steady oil prices follow U.S. President Donald Trump’s meeting with Russian President Vladimir Putin in Alaska on Friday. The leaders appeared more aligned on pursuing a peace deal rather than prioritising a ceasefire in the Ukraine conflict.
Trump is also expected to meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday in a bid to secure a swift peace agreement to end what has become Europe’s deadliest war in 80 years.
Speaking on Friday, Trump said he was not immediately considering retaliatory tariffs on countries such as China for purchasing Russian oil but warned that he might have to “in two or three weeks,” easing fears of disruptions to Russian supply.
China remains the world’s largest importer of Russian oil, followed closely by India.
