FX.co ★ Oil Holds Advance

WTI crude oil futures remained steady near $64 per barrel on Monday, maintaining last week's gains as investors assessed potential supply challenges alongside the possibility of U.S. monetary easing. The United States announced plans to increase tariffs on all imports from India to 50% in response to India's ongoing purchase of Russian crude oil. This move has heightened concerns about possible supply disruptions. However, the focus remains on India's demand, as it is a significant consumer, with officials indicating that Indian refiners intend to continue acquiring oil from Moscow despite the impending penalties set for Wednesday. Further complicating the situation, stalled peace discussions between Russia and Ukraine have escalated fears of supply interruptions, given the intensified attacks by both nations on each other's energy infrastructure. In a related development, Federal Reserve Chair Jerome Powell indicated on Friday that interest rate cuts might resume as early as next month. This prospect has bolstered market sentiment, supporting expectations for stronger crude demand in light of enhanced economic activity and a softer US dollar.