Sharjah24 - Reuters: After finishing at $2 a barrel on Friday, oil prices were little changed in early Asian trade on Monday as expectations for a resurgence in China's demand were dampened by rising supply in the United States and predictions of further interest rate hikes.
Brent crude slid 9 cents, or 0.1%, to $82.91 a barrel by 0051 GMT. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was at $76.40 a barrel, up 6 cents. The more active April contract fell 9 cents to $76.46.
The benchmarks closed lower by about 4% last week after the United States reported higher crude and gasoline inventories.
Washington also announced plans to release 26 million barrels of crude from the Strategic Petroleum Reserve (SPR) which could lead to higher stockpiles at Cushing, Oklahoma, the delivery point for WTI contracts, until May, Energy Aspects analysts said in a note.
Expectations that the U.S. Federal Reserve will continue raising interest rates which could strengthen the dollar also capped oil prices. A stronger greenback makes dollar-denominated oil more expensive for holders of other currencies.
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