2023.02.0608:59:00UTC+00Oil Holds Steady After Last Week's Selloff

Oil prices held steady on Monday, after having fallen about 8 percent last week on concerns about the outlook for fuel demand.

Benchmark Brent crude futures edged up 0.2 percent to $80.08 per barrel, while WTI crude futures were down 0.1 percent at $73.32.

Prices received some support today after the International Energy Agency (IEA) sounded positive on China demand outlook.

Global oil demand growth this year will come from China, where jet fuel demand was surging, IEA Executive Director Fatih Birol said.

"If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies," Birol told Reuters on the sidelines of a conference in India.

Meanwhile, price caps on Russian products took effect on Sunday as proposed by the European commission.

The European Council and the Group of Seven have agreed on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.