Oil down in thin trade as U.S. gears up for Presidents' Day

Oil prices fell on Monday morning as investors considered comments from U.S. Federal Reserve officials indicating a more patient approach to potential interest rate cuts. Brent crude futures dropped 0.69% to $82.89 a barrel, while U.S. West Texas Intermediate crude fell 0.44% to $78.84. Trading was limited due to a public holiday in the United States. Concerns persist over demand from China after the Lunar New Year holiday, while tension in the Middle East continued with Israeli raids in Gaza and responsibility claimed for an oil tanker attack. The International Energy Agency warned of an uncertain outlook, forecasting a market surplus in 2024.