Oil steady on Monday

Oil prices held steady on Monday as investors monitored potential Russia-Ukraine peace negotiations that could ease sanctions affecting global supply flows.

Brent crude dipped 1 cent to $74.73 a barrel by 0740 GMT, while US West Texas Intermediate (WTI) crude slipped 7 cents to $70.67. Market sentiment remained cautious amid reports that the US has initiated talks with Russia to resolve the conflict.

Analysts noted that a resolution could increase Russian oil supply and pressure prices, though stable demand forecasts provided some support. Meanwhile, US energy firms added oil and gas rigs for a third consecutive week, with the rig count rising by two to 588, according to Baker Hughes.

Attribution: Reuters

Subediting: M. S. Salama