Oil prices were little changed on Monday after posting their first monthly loss since November, as investors awaited the outcome of efforts to end the Russia-Ukraine war and the impact of U.S. tariffs.

Brent crude was up 11 cents, or 0.15%, at $72.92 a barrel by 1105 GMT while U.S. West Texas Intermediate crude was up 3 cents, or 0.04%, at $69.79.

Ukrainian President Volodymyr Zelenskiy said on Sunday he was confident he could salvage his relationship with U.S. President Donald Trump. However, he said talks would need to continue behind closed doors after a violent clash in the Oval Office that cut short Zelenskiy's visit to Washington, D.C., last week.

The dramatic spat has raised the prospect of a lasting rift between the two leaders, RBC Capital analyst Helima Croft said in a note, adding that it could lead to a faster lifting of U.S. sanctions on Russia.

Sentiment eased slightly on Sunday as European leaders showed strong support for Ukrainian President Volodymyr Zelenskiy and pledged to do more to help his country.

The Kremlin on Monday said a London summit pledge to boost funding to Kyiv would not bring peace.

On the tariff front, U.S. Commerce Secretary Howard Lutnick said Sunday that levies on Canada and Mexico would take effect on Tuesday but President Donald Trump would decide whether to stick with the planned 25% level.

"Tariffs may hurt economic growth and oil demand, but they also limit oil supply when they are directed at oil producers, such as Canada and Mexico," said PVM analyst Tamas Varga.

Prices rose in early trade after official data on Saturday showed Chinese manufacturing activity expanded at the fastest pace in three months in February.

Last month, Brent and WTI posted their first monthly declines in three months as tariff threats from the U.S. and its trading partners shook investor confidence in global economic growth this year and dampened appetite for riskier assets.

Meanwhile, analysts kept their 2025 oil price forecasts largely steady, with Brent averaging $74.63 a barrel, expecting the impact of further U.S. sanctions to be offset by ample supply and a possible peace deal between Russia and Ukraine, according to a Reuters poll. (Newsmaker23)

Source: Investing.com