Oil Rises as Markets Await ECB Decision
Limited movements in oil and equities amid sanctions impact and anticipation of monetary policy decisions.
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Steady Oil
Oil prices slightly increased on Monday as markets closely monitored the effects of new European sanctions on Russian crude supplies.
While concerns grew over the impact of U.S. tariffs on global fuel demand.
Brent crude for September delivery rose by 0.15%, or 10 cents, to reach $69.38 per barrel.
Meanwhile, U.S. WTI crude futures for August delivery increased by 0.25%, or 16 cents, to $67.50 per barrel.
The uptick followed a report by Baker Hughes indicating that the number of active oil rigs in the U.S. fell by two,
bringing the total to 422 rigs — the lowest level since September 2021.
This came alongside the European Union’s decision last Friday to impose its 18th package of sanctions on Russia,
including a ban on imports of refined oil products in third-party countries that use Russian crude.
The move raised expectations of potential impacts on supply.
Cautious Stocks
European stock indices opened the week on a stable note amid investor
caution ahead of the upcoming European Central Bank (ECB) meeting,
where rates are expected to remain unchanged. Investors are also closely watching corporate earnings reports.
The Stoxx Europe 600 index held steady at 547 points.
France’s CAC 40 rose slightly by 0.1% to 7,830 points,
Germany’s DAX remained unchanged at 24,303 points, and the UK’s FTSE 100 hovered at 8,997 points.
At the sector level, the automotive index dropped by 0.6%,
weighed down by a 2.7% decline in Stellantis shares after the company
announced expected net losses of €2.3 billion in the first half of the year due to the initial impact of U.S. tariffs.
Oil Rises as Markets Await ECB Decision