Oil prices remained stable on Monday despite the shore up from decreased supplies from Canada and OPEC+ producers and caution around the U.S. debt ceiling negotiations.

Brent crude futures edged up 0.3% to $75.77 per barrel, meanwhile U.S. West Texas Intermediate advanced by 0.2% to $71.72.

On Monday, negotiations to evade a U.S. debt default were scheduled to pick back up in Washington as the idea of a default and the potential economic slowdown and slowing fuel demand that could follow continued to worry markets.

After massive amounts of petroleum supply in Alberta, Canada, were cut off by wildfires this week, both oil benchmarks increased by nearly 2%, marking their first weekly increase in five.

After entering into effect this month, the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, together known as OPEC+, are already beginning to feel the effects of their voluntary output restrictions.

The Group of Seven (G7) nations promised to step up efforts to counteract Russia's defiance of the price limitations on its oil and gasoline exports at their annual leaders' meeting on Saturday, "while avoiding spillover effects and maintaining global energy supply," but they did not provide any further information.