Europe News Desk!!! Oil prices edged up marginally on prospects of Russian oil production cuts. West Texas Intermediate (WTI) for March delivery rose 42 cents, or 0.53 percent, to $80.14 a barrel on the New York Mercantile Exchange. Brent crude for April delivery was up 22 cents, or 0.25 per cent, at $86.61 a barrel on the London ICE futures exchange. Russian Deputy Prime Minister Alexander Novak announced on Friday that the country plans to cut its oil production by 500,000 barrels per day in March. Novak said the cut was aimed at improving market conditions. He reiterated that the country would not follow any western price cap. Traders also await US inflation data. The US Consumer Price Index for January will be released on Tuesday. For the week ending Friday, WTI rose 8.6 percent and Brent rose 8.1 percent.
–IANS
World News Desk!!
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