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What is the story about?
Oil steadied as investors tracked risk-on mood in wider financial markets, which countered the impact of progress in peace talks over Ukraine that could pave the way for increased crude supplies.
West Texas Intermediate held near $59 a barrel after gaining more than 1% in the previous session, while Brent closed above $63.
Equities and most commodities rose Monday on the outlook for further rate cuts from the Federal Reserve. Adding to the upbeat mood, US President Donald Trump and Chinese counterpart Xi Jinping held their first talks since agreeing to a tariff truce last month.
On Ukraine, Trump struck a positive tone on the prospects for a ceasefire after talks narrowed disagreements over his latest peace proposal. Should a deal eventually be struck, the US and other nations may ease sanctions against Russia, potentially boosting oil supplies into a market already facing a glut.
Crude has retreated this year, with futures set for a fourth consecutive monthly decline in November, which would be the longest losing run since 2023. The drop reflects rising global production, with OPEC+ as well as countries outside the alliance adding barrels. Crude stockpiles have been in surplus above the five-year average since late-July, according to BloombergNEF.
Also Read: Asian stocks track US gains on Fed rate cut bets
West Texas Intermediate held near $59 a barrel after gaining more than 1% in the previous session, while Brent closed above $63.
Equities and most commodities rose Monday on the outlook for further rate cuts from the Federal Reserve. Adding to the upbeat mood, US President Donald Trump and Chinese counterpart Xi Jinping held their first talks since agreeing to a tariff truce last month.
On Ukraine, Trump struck a positive tone on the prospects for a ceasefire after talks narrowed disagreements over his latest peace proposal. Should a deal eventually be struck, the US and other nations may ease sanctions against Russia, potentially boosting oil supplies into a market already facing a glut.
Crude has retreated this year, with futures set for a fourth consecutive monthly decline in November, which would be the longest losing run since 2023. The drop reflects rising global production, with OPEC+ as well as countries outside the alliance adding barrels. Crude stockpiles have been in surplus above the five-year average since late-July, according to BloombergNEF.
Also Read: Asian stocks track US gains on Fed rate cut bets
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