Oil prices traded higher on Monday, as geopolitical risks and mixed signals on supply continue to influence global energy markets.
The international benchmark Brent crude was trading at $70.48 per barrel at 9.44 a.m. local time (0644 GMT) on Monday, marking a rise of around 0.17% compared to Friday's closing price of $70.36.
Similarly, the American benchmark West Texas Intermediate (WTI) traded at $68.59 per barrel, up approximately 0.2% from last Friday's close of $68.45.
Last week, markets closely monitored developments impacting the global supply-demand balance, including updates from oil-producing nations and key geopolitical hotspots.
OPEC and its allies, known as OPEC+, announced a larger-than-expected production increase for August, weighing on prices.
However, a report from the International Energy Agency pointing to tighter-than-expected supply, along with signs of new US sanctions on Russia, provided upward pressure on oil prices.
Additionally, remarks by US President Donald Trump regarding tariffs on the European Union and Mexico raised concerns about a possible resurgence in global trade tensions.
Expectations that the US Federal Reserve might ease monetary policy also supported oil prices.
Low interest rates are expected to weaken the US dollar, which could boost oil demand and push prices higher.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr