Ammon News - Oil prices were little changed on Monday as traders assess the impact of new European sanctions on Russian oil supplies while they also worry about tariffs possibly weakening fuel demand as Middle East producers are raising output.

Brent crude futures climbed 6 cents to $69.34 a barrel by 0344 GMT after settling 0.35% lower on Friday. U.S. West Texas Intermediate crude was at $67.51 a barrel, up 17 cents, following a 0.30% decline in the previous session.

The European Union approved on Friday the 18th package of sanctions against Russia over the conflict in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.

Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.

The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees a peace deal in 50 days.

U.S. tariffs on European Union imports are set to kick in on August 1, although U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the bloc. Reuters