NEW DELHI, Jan 22 Reuters Oil prices lost more ground on Monday as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend.

Brent crude fell 23 cents, or 0.3, to 78.33 a barrel by 0732 GMT after settling down 54 cents on Friday.

The frontmonth U.S. West Texas Intermediate crude futures , for February delivery, were down 28 cents to 73.13 a barrel with the contract set to expire later on Monday. The more active March WTI contract was at 73.04 a barrel, down 21 cents.

This morning39;s subdued reopen speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East, IG analyst Tony Sycamore said.

Prices barely budged despite an alleged Ukrainian drone attack at a huge Russian fuel export terminal. Russian producer Novatek said on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire.

In the absence any major escalation, crude is set for rangebound trading, with some downward pressure, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

In the Middle East, the Gaza war rages on while the U.S. struck another antiship missile preparing to launch into the Gulf of Aden by Yemen39;s Houthi militants on Saturday.

The attacks by the Iranaligned group in the Red Sea and the Gulf of Aden have disrupted global trade. It has also…