WTI crude futures climbed above $60 per barrel on Monday after declining for two straight weeks, as investors braced for the latest market outlook reports from OPEC and the International Energy Agency this week for fresh market insights. Oil prices came under pressure recently from expectations that global supply will outpace demand, with OPEC and its allies, including Russia, easing output curbs ahead of a planned pause in hikes next quarter. Non-OPEC producers, notably the US, have also increased production. Meanwhile, investors continued to monitor the effects of US sanctions on Russia’s top oil companies, Rosneft PJSC and Lukoil PJSC, part of Washington’s efforts to pressure Moscow over the Ukraine conflict. Countries heavily reliant on Russian oil, including China and India, are now diversifying their sources as they face sanctions in buying Russian crude.
