Oil Prices Dip As Traders Wait For Chinese Demand To Rebound

Oil prices began the week’s trade with a slight loss before bullish and bearish factors reached something of a balance. Brent crude was trading at $82.66 per barrel at the time of writing, and West Texas Intermediate was at $75.94 per barrel, both down by less than a percentage point from Friday’s close. Last week, Russia was reported to have plans to reduce crude oil exports from its western ports by as much as 25% next month. This prompted expectations of tighter global supply, especially since the report came soon after an official…