Oil prices edged lower following a protracted rally, helped by top producers Saudi Arabia and Russia pledging to extend supply cuts through September, further tightening supplies.
Both key benchmarks notching up their sixth consecutive weekly gains last week.
On Monday, Brent crude futures slipped 81 cents to $85.43 a barrel by 1105 GMT, while U.S. West Texas Intermediate crude was at $81.99 a barrel, down 83 cents. WTI dipped by $1 earlier in the session.
"Oil prices could consolidate around the $85 a barrel level (Brent) for a while, capped by ongoing concerns about the pace of China's recovery and doubts about how long Saudi and Russia will continue to curb production and exports, respectively, given the spare capacity on hand," said Suvro Sarkar, lead energy analyst at DBS Bank.
Despite the United States losing its top credit rating last week, the underlying global macroeconomic backdrop still appears upbeat, said PVM analyst Tamas Varga.
Source : Reuters
