Oil edged down, extending its losing streak from last week, on lingering worries about crude demand as US trade talks stall and the European Union’s latest sanctions have yet to dent Russian energy exports.
West Texas Intermediate crude ended the day marginally lower near $67 a barrel on Monday, after slipping 1.6% last week. EU envoys are set to meet as early as this week to formulate a plan to respond to a possible no-deal scenario with US President Donald Trump, whose position is seen to have stiffened ahead of an Aug. 1 deadline.
Late last week, the 27-nation bloc agreed on a package of sanctions against Moscow, including a lower price cap on the country’s crude and a ban on a large refinery in India. Still, restrictions on Russian diesel won’t fully come into effect until January.
US crude futures for August delivery are set to expire on Tuesday, contributing to muted volumes and listless trading.
Oil has trended higher since early May, but WTI is still down for the year as Trump ratchets up his trade war and OPEC+ relaxes supply curbs. Prices have been jolted by developments in the Middle East, as well as sanctions on crude from producers including Russia and Iran.
“In the absence of catalysts, the path of least resistance could be lower,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.
Diesel’s price relative to crude in Europe, a gauge for profitability of producing the fuel, was near the highest since early 2024, while its prompt time spread — the difference between its closest two contracts — also rallied on Friday, widening its bullish backwardation structure.
Oil Prices
WTI for August delivery, which expires Tuesday, edged 14 cents lower to settle at $67.20 a barrel in New York.
The more active September contract settled at $65.95 a barrel.
Brent for September settlement slid 7 cents to settle at $69.21 a barrel.
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
element
var scriptTag = document.createElement(‘script’);
scriptTag.src = url;
scriptTag.async = true;
scriptTag.onload = implementationCode;
scriptTag.onreadystatechange = implementationCode;
location.appendChild(scriptTag);
};
var div = document.getElementById(‘rigzonelogo’);
div.innerHTML += ” +
‘
‘ +
”;
var initJobSearch = function () {
//console.log(“call back”);
}
var addMetaPixel = function () {
if (-1 > -1 || -1 > -1) {
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
} else if (0 > -1 && 62 > -1)
{
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
}
}
// function gtmFunctionForLayout()
// {
//loadJS(“https://www.googletagmanager.com/gtag/js?id=G-K6ZDLWV6VX”, initJobSearch, document.body);
//}
// window.onload = (e => {
// setTimeout(
// function () {
// document.addEventListener(“DOMContentLoaded”, function () {
// // Select all anchor elements with class ‘ui-tabs-anchor’
// const anchors = document.querySelectorAll(‘a .ui-tabs-anchor’);
// // Loop through each anchor and remove the role attribute if it is set to “presentation”
// anchors.forEach(anchor => {
// if (anchor.getAttribute(‘role’) === ‘presentation’) {
// anchor.removeAttribute(‘role’);
// }
// });
// });
// }
// , 200);
//});
