Crude oil prices down in thin trade as US gears up for Presidents’ Day
Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT.
Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents’ Day in the United States is set to keep trade relatively muted.
