Overview
- Brent traded around $63.79 a barrel and WTI near $60.15 after Friday’s two-week highs.
- LSEG data show markets pricing an 84% chance of a quarter-point Federal Reserve rate cut this week.
- G7 and EU officials are discussing replacing the Russian oil price cap with a broader maritime services ban, according to sources.
- Ukrainian strikes on energy infrastructure, including the Black Sea CPC terminal, curtailed loadings and lifted physical crude prices.
- Traders continue to weigh a potential glut from OPEC+ and rising non-OPEC supply, as Chinese independent refiners increase Iranian purchases using new import quotas to ease excess barrels.