Crude Oil edges up slightly on Monday as the war between Russia and Ukraine escalated over the weekend.
The G20 meeting, starting on Monday, includes a Ukraine peace deal high on the agenda.
The US Dollar Index eases a touch on Monday after having printed a fresh one-year high at 107.07.
Crude Oil price is trading below $68.00 on Monday, ticking up slightly following the escalation in the war between Russia and Ukraine over the weekend. Russia launched a large air strike to hit Ukraine’s power grid, while US President Joe Biden’s administration allowed Kyiv to strike Russian territory with its long-range missiles.
Solutions around the Ukraine situation will be discussed in the G20 meeting starting Monday in Rio de Janeiro, Brazil. With the turn of events since Friday, several parties – even Ukrainian President Vladimir Zelensky himself – called for an end to the war in 2025. A truce or an end to the situation would mean more downturn for Crude, with Russian Oil possibly being accepted again once sanctions and embargoes are lifted under a peace deal.
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