Oil prices dip as traders await progress on push for Ukraine peace deal
Oil prices extended last week's losses on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. The expected increase in supply from Iraq, coupled with decreasing geopolitical risk, has contributed to the downward spiral in crude oil prices. However, the conflict in Ukraine remains a dominant concern for the energy market, with sanctions on Russian oil exports still in place.
- The ability of traders to price oil based on uncertain geopolitical events highlights the ongoing fragility of global supply chains and the need for more effective risk management strategies.
- What are the long-term implications of Russia's continued participation in OPEC+ and how will this impact the country's ability to influence global oil production levels?