Oil steadied as traders weighed concerns about a glut and fallout from US sanctions against Russia at the start of a data-heavy week.

Global benchmark Brent traded above $63 a barrel after two weekly declines, while West Texas Intermediate was below $60. Traders are concerned that worldwide output is poised to run ahead of demand, with market outlooks due this week from OPEC, as well as the International Energy Agency.

US sanctions also remain in focus after the Trump administration targeted Rosneft PJSC and Lukoil PJSC in a bid to raise pressure on Russia to end the war in Ukraine. Hungary — which is reliant on Moscow for energy supplies — won an exemption from the curbs after talks with Washington

Crude has dropped in five of the last six weeks, as the surplus jitters gain greater tra

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