Oil prices steady after first monthly decline since November

Oil prices remained steady on Monday after recording their first monthly decline since November, as investors assessed developments in the Russia-Ukraine war and the impact of U.S. tariffs.

Brent crude rose 31 cents, or 0.43%, to $73.12 a barrel by 1403 GMT, while U.S. West Texas Intermediate (WTI) crude gained 25 cents, or 0.36%, to $70.01.

Ukrainian President Volodymyr Zelenskiy said Sunday he believed he could restore ties with U.S. President Donald Trump, though discussions would need to continue privately after last week’s Oval Office confrontation. The tense exchange has raised concerns over the future of U.S. support for Ukraine, with some speculating that it could lead to a quicker rollback of U.S. sanctions on Russia.

European leaders sought to ease tensions by pledging increased financial support for Kyiv at a London summit, but the Kremlin dismissed the commitments, saying they would not contribute to peace.

On the trade front, U.S. Commerce Secretary Howard Lutnick confirmed Sunday that tariffs on Canada and Mexico would take effect on Tuesday, though Trump will decide whether to maintain the planned 25% rate. The Canadian oil drilling sector is already showing signs of slowdown due to the tariff threat, raising concerns that an anticipated industry rebound could stall if levies are imposed.

Oil prices gained in early trading after data showed China’s manufacturing activity in February expanded at its fastest pace in three months. However, last month, Brent and WTI posted their first declines in three months as trade tensions and tariff risks weighed on investor sentiment and global economic growth outlooks.