A holiday in the western world reduces oil prices globally
Oil prices fell in early transactions on Monday, due to weak transactions due to a public holiday in the United States.
Brent crude futures fell 58 cents, or 0.69 percent, to $82.89 per barrel, and West Texas Intermediate crude futures fell 35 cents, or 0.44 percent, to $78.84 per barrel.
Markets are still awaiting the trend of demand from China after the country’s return from the week-long Lunar New Year holiday, while transactions remained weak due to the Presidents’ Day holiday in the United States, according to Reuters.
After a week of disappointing US economic data, which indicated an increase in prices and a decline in retail sales and factory production, decision-makers at the US Central Bank hinted at “slowness” in reducing interest rates. Higher interest rates would keep the cost of buying oil high, setting the stage for a downward trend in the market.
It is not yet clear whether the death of Alexei Navalny, the most important opponent of Russian President Vladimir Putin, in a penal colony in the Arctic on Friday will lead to new sanctions being imposed on Moscow, the world’s second-largest oil exporter.
