Global crude oil prices remained steady on Monday, hovering near their highest level in two weeks.
Brent crude futures rose by 4 cents, or 0.06%, trading at $63.79 per barrel, while U.S. West Texas Intermediate (WTI) increased by 7 cents, or 0.12%, reaching $60.15 per barrel. Both benchmarks closed last Friday at their highest levels since November 18.
According to market data, investors see an 84% probability that the U.S. Federal Reserve will cut interest rates by a quarter point during its Tuesday and Wednesday meetings.
Reports indicate that G7 countries and the European Union are considering replacing the current price cap on Russian oil with a full maritime ban, a move that could restrict supply from the world’s second-largest oil producer.
Meanwhile, independent refiners in China have increased their purchases of Iranian oil—previously restricted—under the country’s new import quota policy. This has helped ease local supply pressure and reduce the surplus in domestic inventories.
