- Oil steadied after sinking to the lowest close in more than three weeks as traders took stock of the
outlook for demand in China and the latest sanctions on Russian energy flows came into effect.
- West Texas Intermediate traded near $73 a barrel after tumbling more than 3% on Friday as a bumper US jobs report bolstered the case for more rate increases from the Federal Reserve.
- International Energy Agency Executive Director Fatih Birol said at the weekend that China’s economy could be poised for a stronger-than-anticipated rebound that’ll boost demand for crude.
- A European ban on seaborne imports of Russian oil products in response to the war in Ukraine came into effect on Sunday. The measure is coupled with a price cap similar to one in effect for crude, and designed to curb Moscow’s revenues while enabling products to flow to third countries.