Oil was little changed after advancing last week, as traders weighed moves to crack down on Russian flows against forecasts for a surplus later in the year.

Brent traded near $67 a barrel, after adding 2.3% last week, while West Texas Intermediate was below $63. US President Donald Trump reiterated calls that Europe must stop buying oil from Russia, after earlier saying that he's prepared to move ahead with "major" sanctions on crude supply from the OPEC+ member if NATO countries do the same.

While most European countries have cut back or stopped purchasing Russian oil, several members of the North Atlantic Treaty Organization — including Hungary and Turkey — continue to do so. Trump's increased pressure on the alliance comes as the US is set to urge its allies in the Group of Seven to impose tariffs as high as 100% on China and India for their purchases of Russian oil. 

Oil has traded in a range of less than $5 a barrel for most of the past month, with prices buffeted by the competing forces of geopolitical risks and bearish fundamentals, which led hedge funds to cut their bullish position on US crude to the lowest on record. Traders are also monitoring developments in the Middle East following last week's strike by Israel in Qatar, as well as attacks by Ukrainian drones on one of Russia's largest oil refineries.

Source: Bloomberg