SINGAPORE : Oil prices eased on Monday after rising 2 per cent in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming U.S. inflation data and refinery maintenance in Asia and the United States.Brent crude futures fell 74 cents, or 0.9 per cent, to $85.65
SINGAPORE : Oil prices eased on Monday after rising 2 per cent in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming U.S. inflation data and refinery maintenance in Asia and the United States.
Additionally, the resumption of Azerbaijani oil exports on Sunday at Turkey's Ceyhan terminal also relieved supply concerns, said analyst Tina Teng at CMC Markets. On a weekly basis, both the Brent and WTI 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.
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