After a US Fed official said that the interest rate cut should be postponed for at least two months, oil prices fell this weekend.

West Texas Intermediate oil futures were down 40 cents, or 0.5%, to $78.21, while those on Brent oil were down 38 cents, or 0.5%, to $83.29 per barrel at 05:24 GMT. Fed governor Christopher Waller said policymakers at the U.S. Federal Reserve should delay interest rate cuts for at least two more months to see if the recent rise in inflation indicates a slowdown in progress toward price stability or is just a mishap.