Ammon News - Oil prices inched up on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets.

Brent crude futures gained 4 cents at $72.2 a barrel by 0735 GMT. U.S. West Texas Intermediate crude rose 8 cents, or 0.1%, to $68.36. Prices fell earlier in the day.

Both benchmarks settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply.

OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above agreed levels, which will more than overtake the monthly production hikes the group plans to introduce next month.

OPEC+ has been cutting output by 5.85 million barrels per day, equal to about 5.7% of global supply, agreed in a series of steps since 2022 to support the market. Reuters