Brent crude futures dropped 0.45%, to $78.15 a barrel by 09:26 CAT after settling 21 cents higher on Friday.

US West Texas Intermediate crude was at $74.26 a barrel, down 0.54%.

Oil pared sharper losses seen earlier in the session after the US swiftly reversed plans to impose sanctions and tariffs on Colombia, after the South American nation agreed to accept deported migrants from the US, the White House said in a statement late on Sunday.

Sanctions could have disrupted oil supply, as Colombia last year sent about 41% of its seaborne crude exports to the US, according to data from analytics firm Kpler.

--Reuters--