Oil prices remained stable on Monday as markets awaited U.S. President-elect Donald Trump’s inauguration, with traders anticipating clarity on his policy agenda, including plans to address the Russia-Ukraine conflict.
Brent crude futures fell 37 cents, or 0.46%, to $80.42 a barrel by 1004 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 24 cents, or 0.31%, to $77.64. The more active U.S. WTI March contract declined 36 cents to $77.03.
Trump is expected to announce significant policies upon taking office, including lifting a moratorium on U.S. liquefied natural gas (LNG) export licenses as part of efforts to strengthen the economy. Last week, Brent and WTI benchmarks rose over 1%, marking their fourth consecutive weekly gains after U.S. sanctions targeted over 100 tankers and two Russian oil producers.
These sanctions prompted key buyers, including China and India, to scramble for immediate oil cargoes and secure unsanctioned tankers for Russian and Iranian oil shipments. Meanwhile, easing tensions in the Middle East exerted downward pressure on prices, as Hamas and Israel initiated a ceasefire on Sunday, exchanging hostages and prisoners after 15 months of conflict.
