Oil prices fell slightly on Monday, clinging to most of their recent gains, amid expectations of tighter supplies due to OPEC+ production cuts, attacks on Russian refineries and strong Chinese manufacturing data.
Brent crude futures fell 17 cents, or 0.2%, to $86.83 a barrel after rising 2.4% last week. West Texas Intermediate crude fell 11 cents, or 0.1%, to $83.06 a barrel after rising 3.2% last week.
Trading volumes are expected to be thin on Monday due to the Easter holiday in a number of countries.
Russia, Ukraine, and China..
Russian Deputy Prime Minister Alexander Novak said that Russian oil companies will focus on cutting production rather than exports in the second quarter of the year in order to distribute production cuts equally with other OPEC+ member states.
Drone attacks have targeted a number of Russian oil refineries, which is expected to reduce Russian fuel exports.
China's manufacturing activity grew for the first time in six months in March, official data showed, supporting demand for oil in the world's biggest crude importer even as a property crisis continues to weigh on the economy.
