Oil prices rose in European trading on Monday after sharp declines in the previous session, as U.S.-led talks to end the war in Ukraine failed to deliver a breakthrough, although gains were capped by persistent supply surplus worries heading into 2026.
Brent Oil Futures expiring in February rose 1.8% to $61.34 per barrel, while West Texas Intermediate (WTI) crude futures also climbed 2% to $57.88 per barrel.
Both contracts fell more than 2.5% on Friday, erasing most of the gains accumulated earlier in the week.
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Oil prices rebound on stalled Ukraine peace talks
Market sentiment had been rattled on Friday after renewed talk of diplomacy raised hopes of an eventual end to the nearly three-year war.
U.S. President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were "getting a lot closer, maybe very close" to reaching an agreement to end the conflict.
However, both leaders acknowledged that several of the most contentious issues remained unresolved.
Trump's comments followed a series of U.S.-led diplomatic engagements aimed at brokering a ceasefire. The lack of concrete progress helped oil prices stabilise on Monday, as traders judged that a swift resolution -- and any rapid return of sanctioned Russian supply -- remained uncertain.
Any credible peace deal could eventually weigh on oil prices by reducing the geopolitical risk premium that has supported the market since Russia's invasion of Ukraine.
Oil supported by Venezuela supply risks.
That support has been offset by growing worries over a potential supply glut. Major forecasting agencies and analysts have warned that global oil supply could exceed demand in 2026, driven by rising output from non-OPEC producers and slowing consumption growth.
Oil prices have also found recent support from tensions between the United States and Venezuela. Washington has stepped up pressure on Venezuelan crude exports, including measures targeting shipments and buyers, tightening supply from the OPEC member.
Source: Investing.com
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