Oil prices eased on Monday, though held near 2023 highs, as rising numbers of COVID-19 cases in China clouded prospects for higher demand in at the world's top crude importer as it reopens after ending strict anti-virus curbs.
Brent crude fell 62 cents, or 0.7%, to $84.66 a barrel by 0745 GMT, while U.S. West Texas Intermediate crude was down 51 cents, or 0.6%, at $79.35 a barrel, amid thin trade during a U.S. public holiday.
"Caution definitely prevails in oil markets amid ambiguity of the rate hikes cycle by Federal Reserve, surprise build-up in U.S. crude oil inventories and whether the IEA revises its outlook on oil prices and demand for the year," Sachdeva said. "After the scale of the move last week, we could be seeing some profit taking," said Warren Patterson, ING's Head of Commodities Strategy, adding that thinner trading volumes would make any selling appear to be more pronounced.China'srose 4% year-on-year in December, while an expected resurgence in travel for the Lunar New Year holiday at the end of the week is brightening the outlook for transportation fuels.
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