SINGAPORE- Oil prices were little changed on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia’s energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.
Brent crude futures dropped 6 cents, or 0.07 percent, to $80.73 a barrel after closing down 0.62 percent in the previous session.
US West Texas Intermediate crude which expires on Tuesday, was at $77.98 a barrel, up 10 cents, or 0.13 percent, after settling down 1.02 percent on Friday. The more active April contract fell 1 cent to $77.38 a barrel.
Both contracts gained more than 1 percent in their fourth successive weekly ascent after the Biden administration sanctioned more than 100 tankers and two Russian oil producers. That led to a scramble by top buyers China and India for prompt oil cargo and a rush for ship supply as dealers of Russian and Iranian oil sought unsanctioned tankers to ferry their load.