Oil steadied after posting two weekly declines, as traders weighed concerns about a looming global glut and the fallout from US sanctions against Russian producers at the start of a data-heavy week.
Brent traded above $63 a barrel after shedding more than 2% last week, while the West Texas Intermediate was below $60. Traders are concerned that global crude supplies are poised to run ahead of demand, with market outlooks due this week from OPEC as well as the International Energy Agency.
US sanctions remain in focus after the Trump administration targeted Rosneft PJSC and Lukoil PJSC. Hungary — which is reliant on Moscow for energy supplies — won an exemption from the curbs after trade talks with Washington.
Source: Bloomberg
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