2024-04-01T05:10:40+00:00
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/ Oil prices fell slightly on Monday, clinging to most of the gains recorded recently amid expectations of a decline in supplies due to OPEC+ production cuts, attacks on Russian refineries, and strong data in the Chinese manufacturing sector.
By 00:17 GMT, Brent crude prices fell 17 cents, or 0.2 percent, to $86.83 a barrel, after rising 2.4 percent last week.
West Texas Intermediate crude fell 11 cents, or 0.1 percent, to $83.06 a barrel, after rising 3.2 percent last week.
Trading volumes are expected to be weak on Monday due to the Easter holiday in a number of countries.
Russian Deputy Prime Minister Alexander Novak said on Friday that Russian oil companies will focus on reducing production rather than exports in the second quarter of the year in order to distribute production cuts equally with other OPEC+ member states.
Drone attacks targeted a number of Russian oil refineries, which is expected to reduce Russian fuel exports.
An official factory survey showed yesterday, Sunday, that manufacturing activity in China grew for the first time in six months in March, supporting demand for oil in the world’s largest crude importer, even as the crisis in the real estate sector continues to pressure the economy.