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Oil prices settled slightly lower on Monday as the latest European sanctions on Russian oil were expected to have minimal impact on supplies, but losses were curbed by investors weighing a potential drop in diesel supplies.
Brent crude futures settled down 7 cents, or 0.1%, to $69.21 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.2%, to $67.20.
The European Union approved on Friday the 18th package of sanctions against Russia over its war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude.
"The market right now thinks that supply will still make it to market in one way, shape or another. There is not too much concern," said John Kilduff, a partner at Again Capital in New York.
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 to a peace deal within 50 days.
U.S. stocks ended mostly higher on Monday, with tech stocks leading the gains as investors looked ahead to earnings from major tech companies, including Tesla and Google’s parent Alphabet, due later this week.
The Dow Jones Industrial Average went down 19.12 points or 0.04% to end at 44,323.07, marking back-to-back losses, according to the Dow Jones Market Data.
The S&P 500 went up 8.81 points or 0.1% to end at 6,305.60, a record close. It is the index's 10th record close of the year.
The Nasdaq Composite rose 78.52 points or 0.4% to finish at 20,974.17, also closing at a record and marking its sixth consecutive daily gain. It is the index's 12th record close of the year.
U.S. stocks kicked off trade Monday with modest gains ahead of earnings from crucial tech players later this week as traders also kept an eye on tensions between the White House and the Federal Reserve and continued to monitor trade negotiations.
"Big banks kicked off earnings season on a mostly positive note last week, but tech and AI enthusiasm played a bigger role in helping some of the major indexes tag more record highs," said Chris Larkin, managing director for trading and investing at E-Trade from Morgan Stanley, in a note. The Nasdaq ended Friday at a record, while the S&P 500 notched a record finish on Thursday.
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