Global oil prices have been stable amidst various geopolitical dynamics. Brent crude is hovering just below $64 per barrel, while WTI is approaching $60. One of the market's key focuses is energy relations between India and Russia, especially after President Vladimir Putin promised unhindered fuel deliveries to India. This issue has become increasingly important as US negotiators arrive in India for trade talks.

Meanwhile, developments related to a potential Ukraine-Russia peace deal have also influenced price movements. US President Donald Trump stated that he had held discussions with Putin and Ukrainian leaders, including Volodymyr Zelenskiy. However, tensions remain high on the ground, with Ukraine launching attacks on Russian energy infrastructure, including the CPC terminal in the Black Sea, a key export route. These attacks have disrupted oil loading and driven up physical oil prices.

Despite the escalating tensions, the market remains clouded by concerns about a global oversupply. Production from OPEC+ and countries outside the group—such as the US, Brazil, and Guyana—is expected to exceed slow-growing demand. To get a clearer picture, market participants are awaiting the monthly outlook reports from the EIA, IEA, and OPEC, scheduled for release this week, which will likely provide clues as to the market's next direction. (az)

Source: Newsmaker.id