Oil prices traded in limited movement on Monday amid continued concerns over high inflation and rising US interest rates.
At the opening of the European session, Brent crude oil futures were slightly lower at $82 per barrel, while US WTI traded at $75 per barrel.
The Federal Reserve's (Fed) hawkish stance came back into focus on Friday after the personal consumption expenditure (PCE) price index rose 0.6% last month from 0.2% in December.
Also adding to the downward pressure was US crude oil inventories which jumped to the highest level since May 2021 last week, data from the Energy Information Administration (EIA) showed.
Even so, news of Russia's plans to cut oil exports from its western ports by up to 25% in March helped ease some of the pressure on the black commodity.
At the same time, traders are also looking forward to fresh indications on demand from the release of important Chinese economic data this week.
Although the recovery in China will drive global oil demand to its highest level this year, the market remains volatile due to other factors.
