In Washington, Donald Trump warned that new sanctions against Moscow could be introduced if no progress is made towards a peace agreement within two weeks.
Traders are also monitoring the impact of an additional 25% tariff on India regarding its purchases of Russian oil, which is set to take effect on Wednesday.
On the demand side, expectations of a loosening of U.S. monetary policy have provided some support. Federal Reserve Chairman Jerome Powell mentioned on Friday the possibility of an interest rate cut in September, which could stimulate economic growth and energy demand.
Additionally, attention is focused on the weekly API data on crude oil inventories, which is expected later today.
You might also like
Loading related...