Oil Steady As Investors Await U.S.-Russia Peace Talks

Oil prices were steady Monday after falling more than 4% last week as investors awaited U.S.-Russia talks on Ukraine, according to Reuters. Brent crude was up 5 cents at $66.64 a barrel and WTI crude was down 1 cent at $63.87 early Monday. Trump has warned Russia of tighter penalties if no peace deal is reached, pressing India to cut Russian oil purchases. The talks come amid heightened U.S. pressure on Russia, with Trump warning of tighter penalties if no peace deal is reached. Washington is also urging India to scale back its purchases of Russian oil. UBS lowered its year-end Brent forecast to $62 from $68, citing higher South American supply and steady sanctioned output. The bank said OPEC+ may pause production hikes without major new disruptions. Energy Aspects estimated Indian refiners purchased 5 million barrels of WTI for August.