Oil prices were steady as traders monitored India's purchases of Russian crude and Ukrainian attacks on Russia's energy infrastructure.
Brent crude traded below $64 a barrel after posting its first consecutive weekly gain since August, while West Texas Intermediate crude was near $60.
Russian President Vladimir Putin pledged last week uninterrupted fuel shipments to India, which will likely be a key point of discussion as U.S. negotiators arrive in the South Asian nation for trade talks.
Progress on a potential peace deal between Ukraine and Russia also remained in focus. US President Donald Trump said he was disappointed with Ukrainian President Volodymyr Zelensky's handling of a US proposal to end Russia's war in Ukraine.
Meanwhile, Ukraine launched attacks on Russian infrastructure, including the Caspian Pipeline (CPC) terminal, a key export route in the Black Sea. This disrupted loading operations and drove up oil prices in the physical market, while Kyiv also targeted other energy facilities.
Market tensions are met with concerns about oversupply.
Investors will weigh those tensions against fears of a global surplus, with rising supplies from OPEC+ countries and producers outside the alliance, including the United States, Brazil and Guyana, supplies poised to outpace growth in demand.
The U.S. Energy Information Administration, the International Energy Agency, and the Organization of the Petroleum Exporting Countries (OPEC) are all scheduled to release their monthly market outlook reports this week, which may provide further clues.
Vivek Dhar, an analyst at Commonwealth Bank of Australia, said that concerns about oversupply will eventually materialize, especially as Russian oil and refined product flows circumvent current sanctions. He added that this will push Brent futures down to around $60 a barrel by 2026.
