WTI maintains position above $67.00 due to escalating tensions between Russia and Ukraine

• WTI receives minor support due to increased fears over possible supply disruptions amid rising geopolitical tensions.
• Russia launched its largest airstrike on Ukraine in nearly three months.
• Biden allows Ukraine to use Army Tactical Missile Systems (ATACMS) to strike inside Russia.

The West Texas Intermediate (WTI) Oil price holds steady above $67.00 per barrel during Monday's Asian trading session, reversing a recent decline as escalating tensions between Russia and Ukraine heighten worries over possible supply disruptions.

Over the weekend, Russia launched its most significant airstrike on Ukraine in nearly three months. Moscow also stationed nearly 50,000 troops in Kursk, a southern Russian region. In addition, North Korea has sent thousands of its troops to Kursk as part of Russia's offensive. This move has raised alarm among US President Joe Biden and his advisers, with concerns that North Korea's involvement could usher in a perilous new phase in the conflict, according to CNN News.

Moreover, CNN News reported on Sunday, citing two US officials, that President Joe Biden has authorized Ukraine to use the Army Tactical Missile Systems (ATACMS), powerful long-range American weapons, to carry out strikes within Russia.

Additionally, crude Oil prices faced pressure as Federal Reserve Chair Jerome Powell dampened expectations for imminent rate cuts, highlighting the economy's resilience, a strong labor market, and ongoing inflationary pressures. Powell remarked, "The economy is not sending any signals that we need to be in a hurry to lower rates." Prolonged higher borrowing costs could negatively affect economic activity in the United States (US), the world’s largest Oil consumer.

Meanwhile, concerns over weakening demand in China, the world’s largest Oil importer, have fueled bearish sentiment in the crude Oil market. The recent 10 trillion Yuan debt package in China, which lacked direct economic stimulus measures, has further intensified market worries.