Oil prices drop on world markets

Oil prices fell on Monday, paring early gains as investors took profit from a surge in the previous session, albeit in the shadow of supply fear as the European Union prepares an import ban on Russian crude and with limited increase in OPEC output, News.Az reports citing Reuters. 

Brent crude futures were down $1.66, or 1.5%, at $109.89 a barrel at 0356 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped $1.55, or 1.4%, to $108.94 a barrel.

Both benchmarks, which jumped about 4% last Friday, earlier climbed by more than $1 a barrel, with WTI reaching its highest since March 28 at $111.71.


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