Nov 25 (Reuters) - Oil prices steadied on Monday following 6% gains last week, with mounting tensions between Western powers and major oil producers Russia and Iran raising fears of supply disruptions and keeping a floor under prices.
Brent crude futures fell 0.34%, or 26 cents, to $74.91 a barrel by 0931 GMT, while U.S. West Texas Intermediate crude futures were at $70.89 a barrel, down 35 cents, or 0.49%.
Both contracts last week notched their biggest weekly gains since late September after Russia fired a hypersonic missile at Ukraine in a warning to the United States and Britain following strikes by Kyiv on Russia using U.S. and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed's policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
In addition, Iran reacted to a resolution passed by the U.N. nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The likelihood for removal of some Iranian supplies has increased following the censure of Iran over its nuclear programme and the regime's agreement to hold talks suggests that the U.S. will enforce sanctions – this could remove around 1mmbopd of supply," said Panmure Liberum analyst Ashley Kelty.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear programme with three European powers on Nov. 29.
Markets are also expected to move this week ahead of the OPEC+ meeting on Dec.1, where the group may stick with deep oil cuts for longer due to weak demand.
"The OPEC+ summit on December 1, will further postpone the start of the planned production increases until February. Pushing back the start until Q2 or later is another possibility that would add even more support," said Tim Evans, an independent energy analyst.
Investors were also focused on rising crude oil demand in China.
China's crude imports rebounded in November as lower prices drew stockpiling demand. Chinese crude imports are likely to be further lifted by an additional import quota of at least 5.84 million metric tons (116,800 bpd) issued to independent refiners for cargoes arriving into next year, people familiar with the situation said on Monday.
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Kazakhstan has begun redirecting part of its crude exports, sending oil from Kashagan to China as the Caspian Pipeline Consortium (CPC) operates at reduced capacity.
Russian President Vladimir Putin arrived in New Delhi on Thursday (4 December) to begin a two-day state visit, marking his first trip to India in four years.
Venezuela has accused the U.S. of attempting to seize the country’s vast oil reserves through military force, in a move the government says could destabilise the global energy market.
OPEC+ is expected to maintain its current oil production levels at meetings scheduled for Sunday, as the alliance weighs the risks of an emerging supply glut against ongoing geopolitical uncertainty, four OPEC+ sources told reporters this week.
The latest clashes between Thailand and Cambodia mark a dangerous escalation in one of Southeast Asia’s oldest and most sensitive disputes.
In the complex world of international diplomacy, the ongoing tensions between India and Pakistan have raised significant questions about the role of third-party mediation.
Austria’s public broadcaster ORF, which is hosting the Eurovision Song Contest next year, has said it will not block Palestinian flags in the audience or suppress crowd reactions during Israel’s performance.
Police in Australia have charged a man who allegedly opened fire on a Jewish event on Sydney's Bondi Beach with 59 offences, including 15 counts of murder and one of committing a terrorist act.
Petroleum products are being transported by rail from Azerbaijan to Armenia for the first time in decades. The move is hailed as a tangible breakthrough in efforts to normalise relations between the long-time rivals.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
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