Brent crude oil stayed just below $75 per barrel on Monday as investors watched for progress on a possible Russia-Ukraine peace deal, which could ease sanctions and boost oil supply.
US President Donald Trump said he might meet with Russian President Vladimir Putin soon to discuss ending the war, with initial talks between the US and Russia set to take place in Saudi Arabia this week. If negotiations succeed, more Russian oil could enter global markets, increasing supply.
Additionally, Iraq's Kurdistan region signaled that its oil exports may resume next month. However, oil prices are being held back by fears of a global trade war, as Trump has ordered officials to review potential retaliatory tariffs on countries that impose duties on US goods.
Source: Trading Economics
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