West Texas Intermediate (WTI) crude oil prices continued their downward trend on Monday, dipping to around $68.00 per barrel during early Asian trading. The decline marks the second consecutive session of falling prices, as geopolitical tensions ease following recent talks between Ukrainian and U.S. officials in Riyadh, Saudi Arabia. According to Reuters, these discussions could pave the way for a rise in Russian oil supply to global markets.
Efforts to negotiate a ceasefire in the ongoing Ukraine conflict remain underway, with U.S. President Donald Trump advocating for an end to the three-year war. Ukrainian Defense Minister Rustem Umerov outlined key measures aimed at protecting energy and critical infrastructure during the talks. A U.S. delegation is expected to meet with Russian officials on Monday to push for a ceasefire in the Black Sea and broader de-escalation in Ukraine.
Toshitaka Tazawa, an analyst at Fujitomi Securities, told Reuters that expectations of progress in peace negotiations and the potential easing of U.S. sanctions on Russian oil have put downward pressure on prices. “Investors are cautious as they assess future OPEC+ production trends beyond April,” Tazawa said.
Meanwhile, in the Middle East, Iraq is looking to boost its oil production capacity to over 6 million barrels per day (bpd) by 2029, according to the state news agency. The country’s oil ministry undersecretary, Bassem Mohamed Khodeir, announced plans to achieve this goal through extensive exploration and drilling efforts, including a recent agreement with BP to redevelop four oil and gas fields in Kirkuk.
As global oil markets await further developments on the geopolitical front and production plans, the outlook for WTI crude remains uncertain.
