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Ukrainian disputes

February, which has taken over from January as the prompt month, has reduced 52 cents to 40 USD a barrel by 1544 GMT, after reaching as high as 43 USD earlier in Monday's session.

London Brent crude included 80 cents lower at 44USD per barrel.

Brent is showing around a 1.5 USD a barrel premium to United States crude, in a reverse of the more usual market structure – United States crude at a premium to Brent.

"With Brent, it definitely seems greatly increasing likely we've seen the lowest point of a downward move," said Christopher Belley, of Bache Commodities Limited.

"A lot of bearish economic information is now well priced in," he added.

Oil prices were reduced for more than 110 USD from their peak of above 148 USD in July as the world economic crisis has slashed demand for oil.

In China, the world's second biggest power consumer, crude oil imports in autumn fell to their lowest this year as refiners scaled back operations due to high stocks and weaker demand.

"I guess the recent released headline economic information has showed that the economy is slowing down more sharply than hoped and I think this is the reason why the central bank was in hurry to decrease rates again now," added Xing Ziqiang, senior economist at CICC Securities.

The largest oil exporter in the world, Saudi Arabia, had plans to quell doubts about OPEC's ability to stick to its new supply limits.

"Don't doubt the efforts of OPEC or its members to bring the oil market to stability," Saudi Oil Minister Ali al Naymi commented to reporters.

But Asian refiners have yet to obtain notice from OPEC's core Gulf members of any further reductions to oil supplies since the group announced cuts last week.

The Organization of the Petroleum Exporting Countries previous week has cut output by 2.2 million barrels per day, on top of an earlier cut of 3 million bpd, to balance provision and demand and put a floor under prices.