FX.co ★ Oil Prices Steady

On Monday, the West Texas Intermediate (WTI) crude oil futures stabilized at approximately $62.50 per barrel. This comes as investors keenly monitor the ongoing nuclear discussions between Iran and the United States. Iran’s president reaffirmed his commitment to continuing these negotiations, emphasizing that the country will not relinquish its rights despite threats from the US. Concurrently, on Friday evening, Moody’s downgraded the US government's credit rating from its premier status, heightening concerns regarding the global economic outlook. In the previous week, WTI crude experienced a rise of over 1%, following an agreement between the US and China—the two largest global economies and energy consumers—to a 90-day cessation in their trade conflict, during which both nations agreed to significantly reduce tariffs. In other developments, President Trump announced plans to converse with Russian President Putin later today to discuss efforts to end the conflict in Ukraine. This follows the recent direct dialogues held in Istanbul between Russia and Ukraine, marking the first such interaction in three years.