RIYADH: Oil prices eased on Monday after rising 2 percent in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming US inflation data and refinery maintenance in Asia and the United States.
Brent crude futures fell 92 cents, or 1.06 percent, to $85.47 a barrel at 08.20 a.m. Saudi time, after a 2.2 percent gain on Friday.
US West Texas Intermediate crude was at $78.81 a barrel, down 91 cents, or 1.14 percent, after rising 2.1 percent in the previous session.
OPEC says demand to reach pre-pandemic levels this year
The Secretary General of the Organization of Petroleum Exporting Countries, Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day.
Demand is projected to further rise to 110 million barrels per day by 2025, he said.
“OPEC remains committed to supporting oil market stability,” Al Ghais said in a speech at the Egypt Petroleum Show.
Shipments of Azerbaijani oil at Turkiye’s Ceyhan resume after earthquake
Loading of Azerbaijani oil at Turkiye’s Ceyhan terminal resumed on Sunday, a spokeswoman for BP said.
The terminal, on Turkiye’s Mediterranean coast, was damaged in the devastating earthquakes that hit Turkiye and Syria on Monday.
It is the storage and loading point for the BTC pipeline which carries oil from Azerbaijan as well as the Kirkuk pipeline from Iraq.
(With input from Reuters)
