Oil prices fell on Monday, ignoring previous increases as investors made a profit after raising prices in the previous session, but concerns about supply in world markets arose as the European Union prepared to impose a ban on imports from Russia.
Brent crude fell 64 cents, or 0.6 percent, to $ 110.91 a barrel, while West Texas Intermediate fell 60 cents, or 0.5 percent, to $ 109.89 a barrel.
The two indexes, which jumped nearly 4 percent last Friday, had already risen more than $ 1 a barrel, with West Texas Intermediate crude hitting a $ 111.71 high on March 28.
Kazuhiko Saito, senior analyst at Fujitomi Securities, said oil markets were expected to grow this week as the imminent EU ban on Russian oil exacerbates global shortages of crude oil and fuel.
On Friday, four diplomats and officials said the European Union still intends to agree to a gradual ban on Russian oil this month, despite concerns about Russian oil supplies this month, despite proposals to delay or reduce Russian oil.
Moscow last week imposed sanctions on several European energy companies, raising concerns about supply.
Source: Lebanon Debate
