Oil prices eased on Monday after rising 2% 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.
A container ship sails along Nakhodka Bay near the oil terminal in the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
SINGAPORE, Feb 13 - Oil prices eased on Monday after rising 2% in the previous session as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refineryPrices rose on Friday after Russia, the world's third largest oil producer, said it wouldin March by 500,000 barrels per day , or about 5% of output, in retaliation against western curbs on its exports that were imposed in response to the Ukraine conflict.
Brent crude futures fell 69 cents, or 0.8%, to $85.70 a barrel by 0153 GMT after a 2.2% gain on Friday. U.S. West Texas Intermediate crude was at $79.04 a barrel, down 68 cents, or 0.9%, after rising 2.1% in the previous session. "The weakness that we are seeing in prices in early morning trading today likely reflects the market coming to the realisation that these cuts are already largely priced in," ING analyst Warren Patterson said in a note.
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