Oil down in thin trade as U.S. gears up for Presidents’ Day [Video]

Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States.

Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT.

Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents’ Day in the United States is set to keep trade relatively muted.

After a week of disappointing U.S. economic data — showing rising prices and falling retail sales and factory production — Federal Reserve policymakers on Friday signaled “patience” toward interest rate cuts. Higher rates keep up the cost of buying oil, providing for a bearish market trend.

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