SINGAPORE, Feb 13 (Reuters) – Oil prices eased around 1% on Monday after rising in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming U.S. inflation data and refinery maintenance in Asia and the United States.

Brent crude futures fell 86 cents, or 1%, to $85.53 a barrel by 0715 GMT after a 2.2% gain on Friday. U.S. West Texas Intermediate crude was at $78.83 a barrel, down 89 cents, or 1.1%, after rising 2.1% in the previous session.

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Toyota To Ramp Up On Batteries, Keep Its Options Open, New CEO Says

TOKYO, Feb 13 (Reuters) – Toyota Motor Corp (7203.T) will ramp up its battery-electric offerings by focusing on its Lexus luxury brand, its incoming chief executive said on Monday, but the company will not deviate from a long held strategy of exploring other technologies.

The comments from Koji Sato, who takes over as the head of the world largest automaker from April 1, come as the Toyota has pushed back against critics that have said it has been too slow to embrace battery-powered electric vehicles.

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Europe’s Spend On Energy Crisis Nears 800 Billion Euros

BRUSSELS, Feb 13 (Reuters) – European countries’ bill to shield households and companies from soaring energy costs has climbed to nearly 800 billion euros, researchers said on Monday, urging countries to be more targeted in their spending to tackle the energy crisis.

European Union countries have now earmarked or allocated 681 billion euros in energy crisis speding, while Britain allocated 103 billion euros and Norway 8.1 billon euros since September 2021, according to the analysis by think-tank Bruegel.

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Countries Warn EU Against ‘Crisis Mode’ Overhaul Of Market Energy

BRUSSELS, Feb 13 (Reuters) – Denmark, Germany, the Netherlands, Estonia, Finland, Luxembourg and Latvia have warned Brussels not to rush into major changes to the European Union’s electricity market in response to the energy crisis, calling instead for limited tweaks to the system.

The European Commission is drafting a revamp of EU electricity market rules, with the aim of better cushioning consumer bills from fossil fuel price spikes and avoiding a repeat of the surge in electricity spices triggered last year by cuts to Russian gas supply.

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Morning Bid: Is It A Bird?

A look at the day ahead in European and global markets from Tom Westbrook

A flying octagon was the fourth object to be shot down over North America by a U.S. missile in little more than a week. Officials declined to say whether it resembled the large white Chinese balloon that was shot down earlier this month, though U.S. Air Force General Glen VanHerck is not ruling out aliens.

Markets have kept an eye on the geopolitical mystery, but more focus is on whether U.S. inflation is earthbound or stubbornly hovering.

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