Oil prices fell in trading on Monday, showing a decrease of 1.02% at the close on Friday. There were no futures deals on the American market on Monday due to the holiday. WTI crude futures for March dropped 67 cents to $76.72 a barrel compared to the closing on Friday.
President Trump announced plans to increase oil and gas production in the United States. April futures contracts rose by 36 cents to $77.75 a barrel. Brent quotes fell 11 cents to $80.04 a barrel.
Oil prices recovered on Monday after the Biden administration imposed sanctions on over 100 oil tankers and two Russian oil companies.
In trade in Asia, oil prices continued to decline after Trump announced plans to increase oil and gas production in the USA. Brent oil futures rose 0.4% to $81.13 a barrel. This Tuesday, the contract for February will be completed.
Both futures rose for the first four weeks by more than 1%. It is possible that Trump's new legislative initiatives are influencing the situation in the oil market. Additionally, the situation in the Middle East has become a factor limiting the price increase for oil.
