SINGAPORE : Oil was little changed in early trade on Monday, as Russia's plans to deepen oil supply cuts continued to support prices, while increasing global inflation risks and rising crude inventories in the United States weighed.
Russia plans to cut oil exports from its western ports by up to 25 per cent in March versus February, exceeding its previously announced production cuts of 5 per cent of its output during the month. "Oil looks like it wants to stay in a trading range until we have a clearer outlook with China's COVID reopening and on how bad of a recession the Fed will induce for the U.S. economy," said Edward Moya, an analyst at OANDA.
In its latest move, Russia has halted supplies of oil to Poland via the Druzhba pipeline, the chief executive of Polish refiner PKN Orlen said on Saturday, a day after Poland delivered its first Leopard tanks to Ukraine.