LONDON, July 14 (Reuters) – Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed.
Brent crude futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate crude futures climbed 12 cents, also 0.2%, to $68.57.
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Higher crude imports by China and expectations around U.S. President Donald Trump’s announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said.
“There is still a perceived tightness in the market, with most of the inventory build in China and on ships, and not in key locations,” he said.
Russia’s seaborne oil product exports in June were down 3.4% from May at 8.98 million metric tons, data from industry sources and Reuters calculations showed.
Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a “major statement” on Russia on Monday, having expressed his frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine.
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