Oil prices eased in early Asian trade on Monday as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies.

Brent crude fell 49 cents, or 0.5%, to $90.16 a barrel, while US West Texas Intermediate crude was at $86.77 a barrel, down 74 cents, or 0.9%.

Both contracts gained in the past two consecutive weeks with Brent settling at its highest since November on Friday, after Saudi Arabia and Russia announced last week they will extend voluntary supply cuts of a combined 1.3 million barrels per day until the end of the year.

The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are due to release their monthly reports this week.

Source: Qatar News Agency