Brent Crude Falls to Its Lowest Level Since 2021

On Monday, the United States suggested that an agreement with Ukraine might be "closer than ever," with Washington expressing readiness to provide security guarantees to Kyiv, although territorial issues remain unresolved. Such an agreement could lead to the lifting of U.S. sanctions on Russian oil, potentially flooding the global market with additional barrels. The market is expected to be significantly oversupplied this year and next, as OPEC+ producers have resumed production, while non-OPEC producers, particularly in the Americas, continue to increase their output. The decline in prices is also reinforced by weaker Chinese economic data released on Monday, which raises concerns about a slowdown in energy demand from the world's largest crude importer. These factors offset worries about potential supply disruptions fueled by rising tensions between the United States and Venezuela.