Oil was little changed after its first weekly drop this month, with the focus on trade deal progress and the European Union's efforts to curb Russian energy exports.
Brent crude held near $69 a barrel after falling 1.5% last week, while West Texas Intermediate was above $67. EU envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with US President Donald Trump, whose tariff negotiating position is seen to have stiffened ahead of an Aug. 1 deadline.
Late last week, the 27-nation bloc agreed to a lower price cap for Moscow's crude as part of a package of sanctions against Moscow. The measures include curbs on fuels made from Russian petroleum, additional banking limitations and a ban on a large oil refinery in India.
Oil has trended higher since early May, but is still down about 7% this year as Trump ratchets up his trade war and OPEC+ relaxes supply curbs. Prices have been jolted by developments in the Middle East, as well as sanctions on crude from producers including Russia and Iran. Brent for September settlement added 0.2% to $69.41 a barrel at 7:24 a.m. in Singapore.
WTI for August delivery gained 0.2% to $67.50 a barrel.
Source: Bloomberg
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