Oil was little changed in early trade on Monday, as Russia’s pledges to further reduce oil supplies continued to boost prices, while rising global inflation threats and rising US crude stocks weighed.
At 9.43 a.m. (Thai time), crude oil prices for West Texas Intermediate (WTI) rose 13 cents, or 0.17%, to $76.45 per barrel, while futures for Brent crude rose 10 cents, or 0.12%, to $83.26 per barrel.
Russia plans to decrease oil exports from western ports by up to 25% in March compared to February, exceeding previously announced production cutbacks of 5% for the month.
Despite US oil inventories being at their highest since May 2021, the US Federal Reserve meeting suggesting additional monetary tightening, and a significant advance in the dollar last week, prices rose early on Monday before trimming some gains.
Since Russian troops initially marched into Ukraine on February 24, 2022, oil prices have dropped by nearly a sixth in the year.
Oil deliveries to Poland via the Druzhba pipeline have been shut off by Russia, the CEO of Polish refiner PKN Orlen said on Saturday, a day after Poland sent its first Leopard tanks to Ukraine.
