FX.co ★ Oil Hovers Near 2-Week Highs

WTI crude oil futures hovered around $60.1 per barrel on Monday, nearing their highest point in more than two weeks. This increase is largely attributed to ongoing geopolitical tensions that pose a threat to the global oil supply. Recent discussions between the United States and Russia did not yield any significant progress toward resolving the conflict in Ukraine, meaning that sanctions on Russian energy exports will remain in effect. Additionally, Ukrainian attacks on Russian energy infrastructure persist. The market is also cautious about a potential US military intervention in Venezuela, with Rystad Energy highlighting that such an event could put the country's production of 1.1 million barrels per day at risk. Further supporting oil prices are expectations of a US interest rate cut this week, which could stimulate economic activity and subsequently increase fuel demand. Traders are now anticipating the release of monthly market reports from the EIA and OPEC+ later this week, which are expected to provide more detailed insights into supply and demand trends.