- Oil steady as market turns to trade talks and EU sanctions on Russia
- The WTI prompt-month contract fell $0.02 to $67.32 Monday morning (7:45 AM CT) following its first weekly drop this month
- EU envoys are prepared to respond to a no-deal scenario with the US ahead of the August 1 deadline (Bloomberg)
- The US is seen to want a near-universal tariff on EU goods set at a 10% minimum with few exemptions
- Last week, the EU agreed to fresh sanctions on Russia which include a lower price cap, restrictions on fuels made from Russian petroleum, and a ban on a large refinery in India partly owned by Rosneft, Russia’s state-run oil company
- The UK also announced it will be lowering the cap on Russian oil to $47.60/Bbl
- China and India have become the largest purchasers of Russian crude since the invasion of Ukraine in 2022, so far, the shipments have not been impeded by western sanctions
- Iran agrees to nuclear talks with European nations (Bloomberg)
- Iran has agreed in principle to hold nuclear talks with the UK, France, and Germany
- The talks are set to take place on Friday and are separate from the indirect talks that will take place with the US
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