Oil eases on profit-taking, supply concerns check losses | Reuters

Oil eases on profit-taking, supply concerns check losses | Reuters

Oil prices eased on Tuesday, giving up early gains as investors took profits, although expectations that supply will remain tight amid a limited output increase by major producers and a solid post-pandemic recovery in fuel demand checked losses.

Brent crude for April delivery was down 10 cents, or 0.1%, at $89.16 a barrel at 0748 GMT, off an intraday high of $89.70. The front-month contract for March delivery expired on Monday at $91.21 a barrel, up 1.3%.

U.S. West Texas Intermediate crude slipped 6 cents, or 0.1%, to $88.09 a barrel, after gaining 1.5% on Monday. It hit a high of $88.57 earlier in the session.

The benchmarks hit their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively. They have gained about 17% in January, the biggest monthly gain since February 2021, amid a supply shortage and political uncertainty in Eastern Europe and the Middle East.