WASHINGTON (dpa-AFX) - Oil prices drifted lower on Monday, after having risen more than 1 percent last week, marking their fourth consecutive weekly rise.
Benchmark Brent crude futures dipped 0.3 percent to $80.52 a barrel in European trade, with a weaker dollar helping limit overall losses. WTI crude futures were down 0.4 percent at $77.11.
Investors exercised caution ahead of Donald Trump's inauguration as U.S. President later in the day.
Trump is set to sign over 200 executive actions immediately, addressing issues like border security and energy production.
These could include the relaxation of curbs on Russia's energy sector in exchange for a deal to end the Ukraine war.
'Before I even arrive at the Oval Office, shortly after we win the presidency, I will have the horrible war between Russia and Ukraine settled,' Trump vowed in a June rally.
The focus will also be on his policy announcements, including tariffs that could have the biggest impact on the global economy and markets.
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