Oil benchmarks were weaker on Monday, extending last week’s lower close as markets weighed on strong supply from Russia on the one hand and stronger expected demand from China on the other.

Profit-taking and the slowdown were attributed to factors including the upcoming Federal Reserve meeting, which begins Tuesday, and the likelihood that OPEC+ will keep manufacturing policy unchanged. Members of OPEC and others, including Russia, will hold a virtual meeting on February 1 at 11:00 GMT.

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