No significant changes to oil while Russia continues its plans to cut production to support prices

SINGAPORE (Reuters) – It was little changed in early trade on Monday, as Russia continued its plans to cut its production further to support prices, while rising crude inventories in the United States and rising risks from global inflation weighed on prices.

US West Texas Intermediate crude futures were trading at 76.36 a barrel, up 4 cents, or 0.05 percent, while crude futures fell by two years, or 0.02 percent, to $83.14 a barrel by 0114 GMT.

Russia plans to reduce its oil exports from its western ports by up to 25 percent in March compared to February, exceeding the production cuts it previously announced by five percent of its production during the current month.

Although oil inventories in the United States reached their highest levels since May 2021, prices rose early Monday before paring some of the gains.

Oil prices have fallen by about a sixth since February 24, 2022, when Russian forces began invading Ukraine.

The chief executive of Polish refiner PKN Orlin said on Saturday that Russia had halted oil supplies to Poland through the Druzhba pipeline, a day after Poland delivered its first Leopard tanks to Ukraine.

Two weeks after the invasion, prices jumped to a record high of nearly $128 a barrel on concerns about supplies, but have since eased on fears of a global economic slowdown.

“Chinese manufacturing PMI data for February will be key to guiding oil prices for this week. A rebound in Chinese economic data will boost sentiment and improve the demand outlook,” said Tina Ting, an analyst at CMC Markets.

(Prepared by Hassan Ammar for the Arabic Bulletin)