2019.12.2309:12:00UTC+00Oil Prices Ease Ahead Of Holidays

Oil prices eased in thin trading on Monday ahead of upcoming Christmas- New Year holidays.

Benchmark Brent crude was virtually unchanged at $66.14 per barrel, while West Texas Intermediate crude futures were down 0.2 percent at $60.31 a barrel.

Underlying sentiment remains firm after British Prime Minister Boris Johnson won approval for his Brexit deal in parliament and U.S. President Donald Trump said the United States and China would "very shortly" sign their so-called Phase One trade pact.

On the flip side, an increase in U.S. drilling activity and a deal between Kuwait and Saudi Arabia to renew crude output along their border pressured prices amid thin trading conditions.

According to a report released by Baker Hughes, rigs count in the U.S. increased for a second straight week, rising by as much as 18 to 685 last week.

Kuwait and Saudi Arabia are expected to sign an agreement to resume oil output in the neutral zone on Tuesday

Profit taking ahead of the year-end holiday period also weighed on prices.