2024-01-22T05:03:30+00:00
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/ Oil prices fell on Monday for the second day in a row as unfavorable economic factors continued to weigh on global demand expectations and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal at the weekend.
By 01:05 GMT, Brent crude was down 41 cents, or 0.5 percent, at $78.15 a barrel, after settling down 54 cents on Friday.
West Texas Intermediate crude futures for February delivery fell 2 cents to $73.39 a barrel.
The contract expires later on Monday.
The most active March contract for West Texas Intermediate crude was at $72.95 a barrel, down 30 cents.
Prices were little changed despite reports of an alleged Ukrainian drone attack on a Russian fuel export terminal.
Russian gas producer Novatek said on Sunday it had been forced to suspend some operations at the Baltic Sea terminal due to a fire.
In the Middle East, war is raging in the Gaza Strip, while the United States bombed another anti-ship missile that the Houthis in Yemen were preparing to launch towards the Gulf of Aden on Saturday.
Houthi attacks in the Red Sea and the Gulf of Aden have disrupted global trade and reduced the supply of crude oil in European and African markets.