SINGAPORE : Oil prices eased on Monday after rising 2 per cent in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States.Prices rose on Friday after Russia, the world'
SINGAPORE : Oil prices eased on Monday after rising 2 per cent in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States.
Brent crude futures fell 69 cents, or 0.8 per cent, to $85.70 a barrel by 0153 GMT after a 2.2 per cent gain on Friday. U.S. West Texas Intermediate crude was at $79.04 a barrel, down 68 cents, or 0.9 per cent, after rising 2.1 per cent in the previous session. Both contracts rose more than 8 per cent last week, buoyed by optimism over demand recovery in China, the world's top crude importer and No. 2 oil consumer, after COVID curbs were scrapped in December.
Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, said the 500,000 bpd cut would bring Russia back in line with its OPEC+ quota as Moscow is currently over exporting.
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