Oil Steadies as Traders Weigh Risk-Off Mood, Russia Sanctions

Group 1 - Oil prices have steadied as investors assess the impact of an emerging surplus against US sanctions on Russia, with Brent trading near $64 a barrel [1] - Russia's flagship crude price has dropped to its lowest level in over two years, coinciding with impending US sanctions on major producers Rosneft PJSC and Lukoil PJSC, while significant Asian buyers have paused some purchases [1] - The International Energy Agency forecasts a record surplus in 2026, driven by the return of idled output from OPEC and its allies, along with increased production from outside the group [2] Group 2 - Despite weak sentiment in financial markets, the oil market is supported by geopolitical uncertainty and sanctions, according to Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management [2] - US President Donald Trump has not ruled out sending troops to Venezuela, while also expressing willingness to engage in dialogue with its leader, Nicolas Maduro, amidst a growing US military presence near the OPEC nation [3]