Global oil prices went down on Monday morning after a significant increase at the end of last week.

Axar.az reports citing the trading data, that the Brent futures with the settlement in March fell by 0.62% to $84.75 per barrel, and WTI's March futures fell by 0.86% to $79.42.

On the oil market, a correctional decrease in prices is observed after the price of this crude jumped by more than 8% in the previous week. Optimism of oil "bulls" contributed to the increase in the forecast of demand from China after the country's authorities eased the coronavirus restrictions.

In addition, investors will be focused on reports of OPEC on Tuesday and the International Energy Agency (IEA) on Wednesday.