SINGAPORE, July 24 (Reuters) - Oil prices eased on Monday as traders await more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grains exports.
Investors have priced in quarter-point hikes from the Federal Reserve and European Central Bank this week so the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes.
Market participants also expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No.
Last week, U.S. energy firms made their deepest oil rig cut since early June, with operating units down by seven to 530, energy services firm Baker Hughes said on Friday.
Persons:
Brent, Jerome Powell, Christine Lagarde, Suhail, Mazrouei, Baker Hughes, Florence Tan, Tom Hogue
Organizations:
Brent, . West Texas, National Australian Bank, Federal Reserve, European Central Bank, United Arab Emirates Energy, Thomson
Locations:
SINGAPORE, Ukraine, Russia, China, Beijing