05:08 AM EST, 01/20/2025 (MT Newswires) -- Crude oil prices declined early on Monday amid expectations U.S. President-elect Donald Trump will relax curbs on Russia's energy sector in exchange for a deal to end the war in Ukraine.

Brent crude lost 0.3% to US$80.54 per barrel and West Texas Intermediate crude fell 0.5% to US$77.53/b at last look.

Following his inauguration on Monday, Trump is expected to make policy announcements that include an end to a moratorium on U.S. liquefied natural gas export licenses, Reuters said in a Monday report.

"There is a fair amount of uncertainty across markets coming into this week given the inauguration of President Trump and the raft of executive orders he reportedly is planning to sign," Reuters quoted ING analysts as saying in a note.

Easing tension in the Middle East also weighed on prices after Israel and Hamas exchanged hostages and prisoners on the first day of a ceasefire, the report said.