Oil fell on a U.S. requirement to sell more crude from reserves, offsetting a lift from Russian output cuts and rising Chinese demand.
West Texas Intermediate dropped toward US$79 a barrel after a volatile session Monday. The U.S. is looking to sell 26 million barrels from the Strategic Petroleum Reserve in accordance with a budget mandate enacted in 2015.
Oil has had a mixed start to 2023 as traders attempt to price the demand impact of China’s re-opening, the supply curbs announced by Moscow amid the war in Ukraine, and persistent concerns that tighter U.S. monetary policy may trigger a recession. At the same time, the Organization of Petroleum Exporting Countries and its allies have been pressing on with cutbacks in output amid concerns around oil supply, according to the UAE’s energy minister.
Brent for April settlement was one per cent lower at US$85.74 a barrel on the ICE Futures Europe exchange.
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