Oil Prices Stabilize After Short-Term Decline in Global Markets
Following two days of sharp declines, global oil markets experienced a correction and began showing signs of stabilization, attracting renewed investor interest.
According to Bloomberg, oil prices remained relatively stable compared to previous days despite signs of oversupply on the international market.
Futures for West Texas Intermediate (WTI) traded around $61 per barrel, while Brent closed below $66 on Monday, indicating low volatility.
Sea transportation volumes of crude oil reached historic highs, suggesting continued stock accumulation and possible growth in global energy reserves.
One of the influencing factors is the potential decision by OPEC+ this week to increase production, which could exert additional pressure on oil prices.
Equally significant are the U.S.
sanctions against major Russian oil companies, which last week caused a short-term price spike, though the market remains controlled.
Washington proposed Berlin a six-month moratorium to resolve issues concerning the assets of «Rosneft», allowing them to be temporarily exempt from sanctions.
This strategy aims to make trade with Russia riskier and more expensive while avoiding sharp fluctuations in global oil prices.
Meanwhile, oil prices are heading toward their third consecutive monthly decline as fears of oversupply continue to weigh on the market.
Both OPEC+ nations and independent producers are increasing their oil output.
Traders are also carefully monitoring negotiations between the U.S.
and China, which could culminate in a trade agreement following the finalization of last remaining details.
U.S.
President Donald Trump and Chinese leader Xi Jinping are scheduled to meet on Thursday at the summit, potentially paving the way for a new phase in bilateral cooperation.