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Low oil prices
Shafaq News/ Oil prices fell, on Monday, giving up their previous gains as investors took profits after the rise of the previous session, but global supply concerns loomed as the European Union prepared for a ban on imports from Russia.
Brent crude futures fell $1.67, or 1.49 percent, to $109.89 a barrel at 04:14 GMT, while US West Texas Intermediate crude futures fell $1.56, or 1.42 percent, to $108.92 a barrel.
The two benchmarks, which jumped about 4% last Friday, earlier rose by more than $1 a barrel, with West Texas Intermediate crude reaching its highest level since March 28 at $111.71.
On Friday, four diplomats and officials said the European Union was still aiming to agree a phased embargo on Russian oil this month despite concerns about supplies in eastern Europe, rejecting proposals to delay or water down the proposals.
Last week, Moscow - which describes its actions in Ukraine as a "special military operation" - imposed sanctions on several European energy companies, causing supply concerns. Meanwhile, US gasoline futures hit an all-time high again on Monday as falling inventories fueled supply fears.
Elsewhere, OPEC+ - the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia - has been reducing implementation of previously agreed plans to increase production due to lack of investment in oil fields in some OPEC members and, more recently, Russian production losses.
Reuters
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Brent crude futures fell $1.67, or 1.49 percent, to $109.89 a barrel at 04:14 GMT, while US West Texas Intermediate crude futures fell $1.56, or 1.42 percent, to $108.92 a barrel.
The two benchmarks, which jumped about 4% last Friday, earlier rose by more than $1 a barrel, with West Texas Intermediate crude reaching its highest level since March 28 at $111.71.
On Friday, four diplomats and officials said the European Union was still aiming to agree a phased embargo on Russian oil this month despite concerns about supplies in eastern Europe, rejecting proposals to delay or water down the proposals.
Last week, Moscow - which describes its actions in Ukraine as a "special military operation" - imposed sanctions on several European energy companies, causing supply concerns. Meanwhile, US gasoline futures hit an all-time high again on Monday as falling inventories fueled supply fears.
Elsewhere, OPEC+ - the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia - has been reducing implementation of previously agreed plans to increase production due to lack of investment in oil fields in some OPEC members and, more recently, Russian production losses.
Reuters
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