FX.co ★ Oil Holds Steady Ahead of Market Outlook Reports

WTI crude futures stabilized around $60 per barrel on Monday, following a two-week decline. Investors are keenly anticipating the upcoming market outlook reports from OPEC and the International Energy Agency this week for new insights. Recently, oil prices have been pressured by expectations that global supply will surpass demand. This is due to OPEC and its allies, including Russia, relaxing production restrictions, with plans to pause further increases next quarter. Non-OPEC countries, notably the United States, have also ramped up their production. Meanwhile, investors are closely watching the impact of U.S. sanctions on Russia's leading oil firms, Rosneft PJSC and Lukoil PJSC, as part of Washington's strategy to exert pressure on Moscow amidst the Ukraine conflict. Nations significantly dependent on Russian oil, such as China and India, are now diversifying their sources in response to the challenges posed by sanctions on purchasing Russian crude.