Federal Reserve minutes in focus for financial markets
Mediumterm oil demand to exceed supply broker PVM
Weekly API supply report delayed to Wednesday

LONDON, Feb 21 Reuters Brent oil fell on Tuesday as concern about a global economic slowdown that would reduce demand prompted investors to take profits on the previous day39;s gains, outweighing supply curbs.

The focus in the wider financial market is firmly on the release on Wednesday of the minutes of the U.S. Federal Reserve39;s latest meeting, after recent data raised the risk of interest rates remaining higher for longer.

Global benchmark Brent crude was down 1.09, or 1.3, at 82.98 a barrel at 0910 GMT. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was up 43 cents at 76.77.

Brent is at the middle of the trading range since late December of between 78 and 88 a barrel, with some investors taking profits on concerns over more U.S. interest rate hikes while others kept bullish sentiment on hopes for a demand recovery in China, said Satoru Yoshida, a commodity analyst with Rakuten Securities.

The U.S. contract did not settle on Monday because of a public holiday in the United States. As a result, the weekly American Petroleum Institute report on U.S. inventories will be out on Wednesday, rather than Tuesday as normal.

Oil on Monday rose by more than 1 on optimism over Chinese demand, which analysts expect to rebound this year after COVID19 curbs that had limited use were scrapped….