Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts.
Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel by 0022 GMT while U.S. West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9%.
"Concerns about Chinese economic growth weighed on sentiment across commodities," ANZ analysts said in a note.
The International Energy Agency and the Organization of the Petroleum Exporting Countries, or OPEC, are due to release their monthly reports this week.
"Any sign of strong demand from oil market reports from IEA and OPEC will likely push oil prices higher," ANZ analysts said.
Persons:
Brent, Baker Hughes, WTI, Tony Sycamore
Organizations:
West Texas, ANZ, International Energy Agency, Organization of, Petroleum, OPEC
Locations:
China, Saudi Arabia, Russia, United States, Europe