Oil steadied as investors weighed the impact of an emerging surplus against US sanctions on Russia that have upended some crude flows.

West Texas Intermediate traded below $60 a barrel after a modest loss in the previous session. Brent closed near $64. The price of Russia’s flagship crude has plunged to the lowest level in more than two years, just days before US sanctions hit major producers Rosneft PJSC and Lukoil PJSC.

Benchmark futures are down this year as expectations for a glut weigh on the outlook, with the International Energy Agency forecasting a record surplus in 2026. The oversupply is being driven by the return of idled output from OPEC and its allies and more production from outside of the group.

Canada’s oil sands output is climbing as the newly expanded Trans Mountain

See Full Page