FX.co ★ WTI Crude Oil Steadies Below $60

WTI crude oil futures stabilized just below $60 per barrel on Monday, as investors anticipated the latest market outlook reports from OPEC and the International Energy Agency, due this week, for new market insights. Recent pressures on oil prices stemmed from expectations of global supply surpassing demand. This is associated with OPEC and its allies—including Russia—relaxing their production cuts and preparing to halt increases next quarter. Additionally, non-OPEC producers, most notably the United States, have been ramping up production. In the meantime, investors continued to observe the impact of U.S. sanctions on Russia's leading oil firms, Rosneft PJSC and Lukoil PJSC, which are part of Washington's strategy to exert pressure on Moscow over the Ukraine conflict. As a result of these sanctions, countries heavily dependent on Russian oil, such as China and India, are diversifying their oil sources.