Investors Assess Banking Crisis and Russia's Impact on Oil Markets

Oil prices stabilized in Asian trade on Monday as investors monitored broader financial markets, while comments by Russian President Vladimir Putin over the weekend increased geopolitical tensions in Europe. Brent crude futures held unchanged at $74.99 a barrel, while U.S. West Texas Intermediate crude was at $69.29 a barrel. Oil markets are closely watching the sentiment in financial markets, while oil fundamentals remain sidelined. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on demand for oil.