WTI crude oil futures traded around $60 per barrel on Monday, close to the highest level in more than two weeks amid geopolitical risks that continue to threaten global supply. Talks between the US and Russia last week failed to produce a breakthrough toward ending the war in Ukraine, keeping sanctions on Russian energy exports firmly in place. This came amid continued Ukrainian strikes on Russian energy infrastructure. Markets were also on alert for the possibility of a US military intervention in Venezuela, with Rystad Energy warning that any escalation could jeopardize the country’s 1.1 million bpd of oil output. Additional support for prices came from expectations of a US interest rate cut this week, which could stimulate economic activity and bolster fuel demand. Traders now look ahead to monthly market reports from both the EIA and OPEC+, due later this week, for further insights on supply-demand trends.

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