Khaberni -Oil prices stabilized near their highest level in three weeks on Monday as investors anticipated further US sanctions on Russia, which could affect global supplies.
According to Reuters, Brent crude futures rose 16 cents or 0.2% to $70.52 a barrel. US West Texas Intermediate crude futures increased 12 cents or 0.2% to $68.57 a barrel.
Giovanni Staunovo, an analyst at UBS, said that prices are being supported by an increase in China's crude oil imports and expectations surrounding U.S. President Donald Trump’s upcoming announcements regarding Russia.
He added, "There’s still a notable scarcity in the market, with most of the inventory piling up in China and on ships, not in the main storage locations."
Data from oil sector sources and calculations by Reuters showed that Russia's exports of petroleum products transported by sea fell by 3.4 percent in June month-on-month to 8.98 million tons.
U.S. President Donald Trump said yesterday, Sunday, that he would send Patriot missiles for air defense to Ukraine. He is expected to make an "important" comment about Russia today, and expressed his frustration with Russian President Vladimir Putin over the lack of progress towards ending the war in Ukraine.
In an effort to pressure Moscow to enter peace negotiations with Ukraine in good faith, a bipartisan U.S. bill that would impose sanctions on Russia over Ukraine gained momentum last week in Congress, but it is still awaiting Trump's approval.
Customs data released today indicated that China's oil imports in June rose by 7.4 percent year-on-year to 12.14 million barrels per day, recording the highest level since August 2023.
Last week, Brent crude rose by 3% while West Texas Intermediate crude gained about 2.2% for the week, after the International Energy Agency said the global oil market might be tighter than initial indicators suggest.
Investors are also awaiting the results of the United States' tariff discussions with major trading partners.
The European Union and South Korea said today that they are working to reach trade agreements with the United States that would mitigate the impact of impending tariffs, as Washington threatens to impose substantial tariffs starting from the first of August.
The Danish Foreign Minister said today during a joint press conference with the European Union Trade Commissioner in Brussels, that EU member states consider Trump’s threat to impose tariffs "absolutely unacceptable."
