ANKARA

Oil prices declined on Monday over demand woes as the US braces for freezing cold winter conditions, limiting domestic fuel consumption, while escalating geopolitical tensions across the globe are curtailing price falls.

The international benchmark crude Brent traded at $78.33 per barrel at 10.35 a.m. local time (0735GMT), a 0.29% fall from the closing price of $78.56 a barrel in the previous trading session on Friday.

The American benchmark, West Texas Intermediate (WTI), traded at the same time at $73.05 per barrel, down 0.27% from Friday's close of $73.25 per barrel.

Weaker demand in the world’s largest fuel consumer, the US, influenced price declines as strong winter storms killed several people in many US states, destroyed buildings and cut power. Authorities have warned of the possibility of another bout of snow and ice sweeping in for the weekend.

However, supply disruptions caused by geopolitical tensions continue to bolster prices.

A fire broke out at a gas terminal owned by Novatek, the second-biggest natural gas producer in Russia, in the port city of Ust-Luga near Leningrad early on Sunday, possibly as a result of a Ukranian drone strike.

Leningrad Governor Aleksandr Drozdenko confirmed on Telegram that no casualties were reported and that personnel have been evacuated.

Kyiv has yet to officially accept responsibility for the attack.

Novatek's Ust-Luga complex processes gas condensate into light and heavy naphtha, jet fuel, fuel oil and gasoil for shipment to international markets through the Baltic Sea.