Oil prices inched higher on Monday, stabilizing after last week\u2019s sharp losses as traders balanced hopes of progress on a Russia-Ukraine peace framework against the impact of newly implemented U.S. sanctions on Russian oil majors.<\/p>\n\n\n\n
By 07:50 ET (12:50 GMT), Brent January futures rose 0.2% to $62.08<\/strong>, while WTI crude climbed 0.7% to $58.20<\/strong>. Both benchmarks fell nearly 3% last week.<\/p>\n\n\n\n The U.S. and Ukraine agreed on an \u201cupdated and refined\u201d framework aimed at advancing negotiations with Russia, after revisions to a previous 28-point plan criticized as too lenient on Moscow.<\/p>\n\n\n\n A breakthrough\u2014if it ever materializes\u2014could lead to the lifting of sanctions and potentially restore more Russian crude to global markets, raising risks of oversupply.<\/p>\n\n\n\n ING noted that a deal remains unlikely in the near term, pointing to major sticking points such as territorial concessions, limits on Ukraine\u2019s military, and Kyiv\u2019s demand for explicit security guarantees.<\/p>\n\n\n\n Market focus also remained on Washington\u2019s latest restrictions targeting Rosneft<\/strong> and Lukoil<\/strong>, effective since Nov. 21. While peace-deal hopes weigh on prices, these sanctions could tighten supply and offer some support.<\/p>\n\n\n\n ING said developments on both fronts are crucial:<\/p>\n\n\n\n Bank of America expects global oil demand to rise by roughly 1 million bpd in 2026<\/strong>, but foresees a 2 million bpd surplus<\/strong> due to non-OPEC+ growth and OPEC+ market-share strategies. BofA added that geopolitics remain a major wild card, noting that output in Iran, Venezuela, and Russia could deviate sharply from expectations.<\/p>\n\n\n\n The bank also said Brent could test $50<\/strong> in a severe downside scenario driven by weak demand, oversupply, or geopolitical de-escalation.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices inched higher on Monday, stabilizing after last week\u2019s sharp losses as traders balanced hopes of progress on a Russia-Ukraine peace framework against the impact of newly implemented U.S. sanctions on Russian oil majors. By 07:50 ET (12:50 GMT), Brent January futures rose 0.2% to $62.08, while WTI crude climbed 0.7% to $58.20. Both …<\/p>\n","protected":false},"author":9,"featured_media":93837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-121120","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=121120"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121120\/revisions"}],"predecessor-version":[{"id":121121,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121120\/revisions\/121121"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/93837"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=121120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=121120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=121120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Peace-deal speculation keeps upside limited<\/strong><\/h3>\n\n\n\n
New U.S. sanctions on Rosneft and Lukoil take effect<\/strong><\/h3>\n\n\n\n
The measures block key export channels and restrict global banks and buyers from dealing with the two firms.<\/p>\n\n\n\n\n
BofA sees Brent averaging $60\/bbl in 2026<\/strong><\/h3>\n\n\n\n
As a result, the bank projects:<\/p>\n\n\n\n\n