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Oil erases losses before US-Russa talks
AI Summary
- Oil prices steady on Monday, recovering from earlier losses as investors await US-Russia talks over Ukraine conflict
- US dollar index rose 0.35% to 98.54 at 10:23 p.m. Mecca time
- OPEC production rose to 27.38 million barrels per day last month, an increase of 270,000 bpd compared with June
Oil prices were steady on Monday, recovering from earlier session losses, as investors awaited talks between the United States and Russia this week over the conflict between Moscow and Ukraine.
The US dollar index — which measures the currency against a basket of major peers — rose 0.35% to 98.54 at 10:23 p.m. Mecca time.
US President Donald Trump and Russian President Vladimir Putin are set to hold direct talks on Friday in the US state of Alaska to discuss ending the war in Ukraine.
A Reuters survey showed OPEC production rose to 27.38 million barrels per day last month, an increase of 270,000 bpd compared with June.
In trading, Brent crude futures for October delivery settled flat at $66.63 a barrel after falling to $65.81 earlier in the session.
US West Texas Intermediate (WTI) crude futures for September delivery gained 0.15%, or 8 cents, to close at $63.96 a barrel after hitting a session low of $63.02.
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