Prices are affected by the rise in US crude stocks and the risks of global inflation
Oil prices were little changed in early trading on Monday, as Russia continued its plans to cut its production further to support prices, while rising crude inventories in the United States and rising risks from global inflation weighed on prices.
West Texas Intermediate crude futures were trading at $76.36 a barrel, up 4 cents, or 0.05%, while Brent crude futures fell by two years, or 0.02%, to $83.14 a barrel by 0114 GMT.
Russia plans to reduce its oil exports from its western ports by up to 25% in March compared to February, exceeding the previously announced production cuts by 5% of its production during the current month.
Although oil inventories in the United States reached their highest levels since May 2021, prices rose early Monday, before paring some of the gains.
Oil prices have fallen by regarding a sixth since February 24, 2022, when Russian forces began invading Ukraine.
The chief executive of Polish refiner PKN Orlin said on Saturday that Russia had halted oil supplies to Poland through the Druzhba pipeline, a day following Poland delivered its first Leopard tanks to Ukraine.
Two weeks following the invasion, prices jumped to a record high of nearly $128 a barrel on concerns regarding supplies, but have since eased on fears of a global economic slowdown.
“Chinese manufacturing PMI data for February will be key to guiding oil prices for this week. The recovery of Chinese economic data will boost sentiment and improve the demand outlook,” said CMC Markets analyst Tina Ting.