Oil prices remained steady on Monday as investors assessed potential ceasefire talks between Russia and Ukraine, which could lead to increased Russian oil exports. Market participants are also watching OPEC+ production decisions and the impact of new U.S. sanctions on Iran.

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• Oil prices held steady on Monday, with Brent crude at $72.08 and U.S. West Texas Intermediate at $68.23.
• Investors are watching Russia-Ukraine ceasefire talks, which may result in more Russian oil on the global market.
• Prices saw a second consecutive weekly gain, driven by U.S. sanctions on Iran and OPEC+ output plans.
• U.S. officials are set to meet Russian representatives on Monday to discuss a potential ceasefire in Ukraine.
• Expectations of peace talks and eased U.S. sanctions on Russian oil pushed prices lower.
• Investors are cautious, awaiting OPEC+ production trends beyond April before making large investments.
• OPEC+ announced further cuts to oil output to compensate for exceeding agreed production levels.
• Kazakhstan’s oil output reached a record high this month, exceeding OPEC+ quotas.
• OPEC+ has been cutting production by 5.85 million barrels per day, about 5.7% of global supply, since 2022.
• New U.S. sanctions on Iran may reduce Iranian oil shipments to China but traders anticipate workarounds.