Oil prices rise modestly as traders assess Russian output cut

New York, U.S. | Xinhua | Oil prices eked out modest gains on Monday as market participants weighed Russia’s plan to cut its oil production.

The West Texas Intermediate (WTI) for March delivery rose 42 cents, or 0.53 percent, to settle at 80.14 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 22 cents, or 0.25 percent, to close at 86.61 dollars a barrel on the London ICE Futures Exchange.

Russian Deputy Prime Minister Alexander Novak on Friday announced that the country plans to cut its oil production by 500,000 barrels per day in March.

Novak said the aim of the cut is to improve the market situation, reiterating the country will not comply with any Western price cap.

Traders also awaited U.S. inflation data as the U.S. consumer price index for January is set for release on Tuesday.

For the week ending Friday, the WTI advanced 8.6 percent, while Brent rose 8.1 percent, based on the front-month contracts.