Oil edges up, investors eye Trump statement on Russia
Brent crude futures rose 8 cents to $70.44 a barrel by 0011 GMT, extending a 2.51% gain on Friday. U.S. West Texas Intermediate crude futures climbed to $68.50, up 5 cents, after settling 2.82% higher in the previous session.
U.S. President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a "major statement" on Russia on Monday.
Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities.
In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan U.S. bill that would hit Russia with sanctions gained momentum last week in Congress, but it still awaits support from Trump.
European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.
Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.
However, ANZ analysts said price gains were limited by data showing Saudi Arabia lifted oil output above its quota under the Organization of the Petroleum Exporting Countries and allies' supply agreement.
The IEA said that Saudi Arabia exceeded its oil output target for June by 430,000 barrels per day to reach 9.8 million bpd, compared with the kingdom's implied OPEC+ target of 9.37 million bpd.
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.
Elsewhere, the release of China's preliminary commodity trade data later on Monday should highlight any ongoing signs of weaker demand, ANZ said in a note.
Investors are also eyeing the outcome of U.S. tariff talks with key trading partners that could impact global economic growth and fuel demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
22 minutes ago
- North Wales Chronicle
Russia open to peace with Ukraine but ‘our goals' must be achieved, says Kremlin
Mr Peskov and other Russian officials have repeatedly rejected accusations from Kyiv and its Western partners of stalling peace talks. Meanwhile, Moscow continues to intensify its long-range attacks on Ukrainian cities, with more drones launched in a single night than during some entire months in 2024, and analysts say the barrages are likely to escalate. Mr Peskov told state TV reporter Pavel Zarubin: '(Russian) President (Vladimir) Putin has repeatedly spoken of his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible. This is a long process, it requires effort, and it is not easy. 'The main thing for us is to achieve our goals. Our goals are clear.' The Kremlin has insisted any peace deal should see Ukraine withdraw from the four regions that Russia illegally annexed in September 2022 but never fully captured. It also wants Ukraine to renounce its bid to join Nato and accept strict limits on its armed forces, demands Kyiv and its Western allies have rejected. Mr Trump threatened Russia on July 14 with steep tariffs and announced a rejuvenated pipeline for American weapons to reach Ukraine, hardening his stance towards Moscow after months of frustration following unsuccessful negotiations aimed at ending the war. The direct Russia-Ukraine negotiations in Istanbul resulted in several rounds of prisoner exchanges, but little else. Mr Trump said he would implement 'severe tariffs' unless a peace deal is reached within 50 days. He provided few details on how they would be implemented, but suggested they would target Russia's trading partners in an effort to isolate Moscow in the global economy. In addition, Mr Trump said European allies would buy 'billions and billions' of dollars of US military equipment to be transferred to Ukraine, replenishing the besieged country's supplies of weapons. Included in the plan are Patriot air defence systems, a top priority for Ukraine as it fends off Russian drones and missiles. Doubts were recently raised about Mr Trump's commitment to supply Ukraine when the Pentagon paused shipments over concerns that US stockpiles were running low.
Rhyl Journal
22 minutes ago
- Rhyl Journal
Russia open to peace with Ukraine but ‘our goals' must be achieved, says Kremlin
Mr Peskov and other Russian officials have repeatedly rejected accusations from Kyiv and its Western partners of stalling peace talks. Meanwhile, Moscow continues to intensify its long-range attacks on Ukrainian cities, with more drones launched in a single night than during some entire months in 2024, and analysts say the barrages are likely to escalate. Mr Peskov told state TV reporter Pavel Zarubin: '(Russian) President (Vladimir) Putin has repeatedly spoken of his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible. This is a long process, it requires effort, and it is not easy. 'The main thing for us is to achieve our goals. Our goals are clear.' The Kremlin has insisted any peace deal should see Ukraine withdraw from the four regions that Russia illegally annexed in September 2022 but never fully captured. It also wants Ukraine to renounce its bid to join Nato and accept strict limits on its armed forces, demands Kyiv and its Western allies have rejected. Mr Trump threatened Russia on July 14 with steep tariffs and announced a rejuvenated pipeline for American weapons to reach Ukraine, hardening his stance towards Moscow after months of frustration following unsuccessful negotiations aimed at ending the war. The direct Russia-Ukraine negotiations in Istanbul resulted in several rounds of prisoner exchanges, but little else. Mr Trump said he would implement 'severe tariffs' unless a peace deal is reached within 50 days. He provided few details on how they would be implemented, but suggested they would target Russia's trading partners in an effort to isolate Moscow in the global economy. In addition, Mr Trump said European allies would buy 'billions and billions' of dollars of US military equipment to be transferred to Ukraine, replenishing the besieged country's supplies of weapons. Included in the plan are Patriot air defence systems, a top priority for Ukraine as it fends off Russian drones and missiles. Doubts were recently raised about Mr Trump's commitment to supply Ukraine when the Pentagon paused shipments over concerns that US stockpiles were running low.
South Wales Guardian
22 minutes ago
- South Wales Guardian
Russia open to peace with Ukraine but ‘our goals' must be achieved, says Kremlin
Mr Peskov and other Russian officials have repeatedly rejected accusations from Kyiv and its Western partners of stalling peace talks. Meanwhile, Moscow continues to intensify its long-range attacks on Ukrainian cities, with more drones launched in a single night than during some entire months in 2024, and analysts say the barrages are likely to escalate. Mr Peskov told state TV reporter Pavel Zarubin: '(Russian) President (Vladimir) Putin has repeatedly spoken of his desire to bring the Ukrainian settlement to a peaceful conclusion as soon as possible. This is a long process, it requires effort, and it is not easy. 'The main thing for us is to achieve our goals. Our goals are clear.' The Kremlin has insisted any peace deal should see Ukraine withdraw from the four regions that Russia illegally annexed in September 2022 but never fully captured. It also wants Ukraine to renounce its bid to join Nato and accept strict limits on its armed forces, demands Kyiv and its Western allies have rejected. Mr Trump threatened Russia on July 14 with steep tariffs and announced a rejuvenated pipeline for American weapons to reach Ukraine, hardening his stance towards Moscow after months of frustration following unsuccessful negotiations aimed at ending the war. The direct Russia-Ukraine negotiations in Istanbul resulted in several rounds of prisoner exchanges, but little else. Mr Trump said he would implement 'severe tariffs' unless a peace deal is reached within 50 days. He provided few details on how they would be implemented, but suggested they would target Russia's trading partners in an effort to isolate Moscow in the global economy. In addition, Mr Trump said European allies would buy 'billions and billions' of dollars of US military equipment to be transferred to Ukraine, replenishing the besieged country's supplies of weapons. Included in the plan are Patriot air defence systems, a top priority for Ukraine as it fends off Russian drones and missiles. Doubts were recently raised about Mr Trump's commitment to supply Ukraine when the Pentagon paused shipments over concerns that US stockpiles were running low.
