International oil prices closed higher on Monday, marking the second consecutive day of gains following the weekend.
However, the increase was modest.
Oil prices had fallen for two consecutive days until May 15 amid expectations of progress in nuclear talks between the U.S. and Iran. But it rebounded on May 16 when the Iranian government announced it had not received any direct or indirect written proposals from the Trump administration regarding the nuclear negotiations.
On Monday, oil prices inched up as markets closely monitored developments in both the Iran nuclear talks and Ukraine peace negotiations.
While U.S. President Donald Trump stated that Russia and Ukraine would begin peace talks immediately, Russian President Vladimir Putin drew a firm line, emphasizing that negotiations – whether for a ceasefire or peace – would only commence once certain preconditions were met.
Brent crude, the international oil benchmark, settled at 65.54 USD per barrel for July delivery, up 0.13 USD (0.20%) from the previous session.
West Texas Intermediate (WTI), the U.S. oil benchmark, rose 0.20 USD (0.32%) to close at 62.69 USD per barrel for June delivery.
