Crude oil prices ease as Eastern Europe ceasefire talks raise expectations of increased Russian supply.

Crude oil prices edged lower Monday as ceasefire talks in Eastern Europe raised prospects of increased Russian exports, potentially easing global supply constraints. While OPEC+ reaffirmed plans to raise output by 138,000 barrels per day starting in April, the alliance is still implementing broader cuts totaling 5.85 million bpd -- roughly 5.7% of global supply -- to stabilize the market.

Meanwhile, fresh U.S. sanctions on Iranian oil have lifted near-term supply risks, with shipping costs to China rising and buyers seeking alternative routes.