Brent Oil Futures Added 0.31% While WTI Futures Fell 0.17%

Oil prices were mixed on Monday morning in Asia, reversing some earlier losses. Expectations that global supply would remain tight continued as the demand for fuel increases and investors took little notice of the small steps forward in the U.S.-Iran nuclear talks.

On Monday morning, Brent rose 0.31% to $93.56 by 11:44 PM ET and WTI futures dropped 0.17% to $92.15.

On Friday, both Brent, as well as WTI futures, gained more than $2, recording a seventh consecutive week of gains as ongoing worries over supply disruptions continued to give the black liquid a boost.

Brent oil futures and sanctions

The world’s largest economy restored sanctions waivers to Iran to allow international nuclear cooperation projects. Should the sanctions on the country be completely lifted, Iran could boost oil shipments and add to global supply. 

The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, are struggling to meet quotas. In the U.S., the number of rigs continues to increase for more than a year. Still, the oil production is far from pre-Covid-19 record levels. 

Tensions are still running high in Eastern Europe. On Sunday, White House national security adviser Jake Sullivan warned that Russia could invade Ukraine within days or weeks but still opt for a diplomatic path. The Russian Federation is the world’s second-largest oil exporter. So, tensions with the West have the potential to affect oil prices.

French President Emmanuel Macron is set to meet with Russian President Vladimir Putin on Monday. On the next day, Macron will discuss the situation with Ukraine’s leader Volodymyr Zelensky.  As Emmanuel Macron and Vladimir Putin meet in Moscow, German Chancellor Olaf Scholz will meet U.S. President Joe Biden in Washington D.C. Scholz will travel to Ukraine and Russia on February 14 and 15.