Daijiworld Media Network - New Delhi

New Delhi, Dec 8: Global oil prices held steady on Monday as traders closely tracked India’s continued procurement of Russian crude and fresh Ukrainian strikes on Russia’s energy infrastructure, both of which are influencing near-term market sentiment.

Brent crude remained below USD 64 a barrel after recording its first consecutive weekly gains since August, while West Texas Intermediate hovered near USD 60. The steady prices come amid Russian President Vladimir Putin’s assurance of “uninterrupted shipments of fuel” to India — a commitment expected to feature prominently during upcoming trade discussions with US negotiators visiting New Delhi.

Efforts toward a possible peace agreement between Russia and Ukraine also remained under watch. US President Donald Trump confirmed ongoing communication with Putin as well as Ukrainian leaders, including President Volodymyr Zelenskiy.

At the same time, Ukraine has intensified attacks on Russian energy assets, striking the CPC terminal — a major export hub on the Black Sea — disrupting loadings and lifting physical crude prices. Kyiv has also targeted additional energy facilities, adding to regional volatility.

These geopolitical tensions are being weighed against persistent concerns of a global supply glut. Rising output from OPEC+ members and producers such as the US, Brazil and Guyana is expected to outpace modest demand growth. Market participants are now awaiting fresh insights from the monthly oil outlooks due this week from the US Energy Information Administration, the International Energy Agency and OPEC.