Oil prices were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China's demand recovery.
Brent crude slid 9 cents, or 0.1%, to $82.91 a barrel by 0051 GMT. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was at $76.40 a barrel, up 6 cents. The more active April contract fell 9 cents to $76.46.
The benchmarks closed lower by about 4% last week after the United States reported higher crude and gasoline inventories.Strategic Petroleum Reserve which could lead to higher stockpiles at Cushing, Oklahoma, the delivery point for WTI contracts, until May, Energy Aspects analysts said in a note. Expectations that the U.S. Federal Reserve will continue raising interest rates which could strengthen the dollar also capped oil prices. A stronger greenback makes dollar-denominated oil more expensive for holders of other currencies.
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