Oil Steady With Focus on India Buying, Ukraine Attacks on Russia

Oil prices have maintained their gains amid stalled peace talks regarding the Ukraine conflict and renewed hopes for a Federal Reserve interest rate cut. The ongoing geopolitical tensions continue to influence market dynamics, with traders closely monitoring developments in Ukraine as they assess potential impacts on oil supply and pricing.

The Federal Reserve's upcoming interest rate decision and ongoing trade discussions with the United States are anticipated to significantly influence India's financial markets this week. Investors are closely monitoring these developments as they could impact currency valuations and stock prices.

Oil prices remained steady during early Asian trading, attributed to a potential supply glut and ongoing stalled peace talks between Ukraine and Russia, according to UOB. This stability follows fluctuations in the market influenced by geopolitical tensions.

The European Union (EU) and the Group of Seven (G7) are considering a ban on maritime services for Russian oil exports and the potential end of a price cap on these exports. This move reflects ongoing geopolitical tensions and aims to further restrict Russia's ability to finance its activities amid the ongoing conflict in Ukraine.

Ukraine has confirmed it conducted attacks on Rosneft PJSC’s Syzran refinery and a small port on the Azov Sea, marking a significant escalation in its military operations against Russian energy infrastructure. This move is part of a broader strategy to undermine Russia's oil industry amid ongoing hostilities.