Oil prices fell to near 3-week lows on Monday amid concerns about global economic growth and the outlook for oil demand.
Russian President Vladmir Putin’s decision to let Russian energy companies decide on pricing pricing and exports issues weighed on oil prices.
Oil prices found some support earlier in the session on reports about a drone strike on an Iranian defense facility over the weekend.
Oil also found some support amid optimism about demand recovery in China after reports said travel in the country recovered sharply during the week-long Lunar New Year holidays.
West Texas Intermediate Crude oil futures for March ended lower by $1.78 or about 2.2% at $77.90 a barrel.
Brent Crude futures were down $2.07 or 2.4% at $84.33 a barrel a little while ago.
Traders are looking ahead to a meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+) this week. The group is largely expected to maintain production at current levels.
The material has been provided by InstaForex Company – www.instaforex.com
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