Oil prices on Monday lost more ground as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend.
Data on OilPrice.com indicated that Brent crude fell 23 cents, or 0.3%, to $78.33 a barrel by 0732 GMT after settling down 54 cents on Friday.
Nigeria’s Brass River fell to $80.30 with a decline of $1.07 while Qua Iboe also crashed to 80.55 with a $1.07 decrease.
The front-month U.S. WTI crude futures, for February delivery, were down 28 cents to $73.13 a barrel with the contract set to expire later on Monday. The more active March WTI contract was at $73.04 a barrel, down 21 cents.
Ongoing conflicts in the Middle East, including the Gaza war and a U.S. strike on a Houthi missile in the Gulf of Aden, added to the geopolitical complexities.
Reuters suggests that despite geopolitical concerns, particularly an alleged Ukrainian drone attack at a significant Russian fuel export terminal, oil prices exhibited minimal movement.
Russian producer Novatek reported suspending some operations at the Baltic Sea terminal due to a fire. Experts suggested that the subdued market reopening reflected the current sentiment in the crude oil market.
