Oil slips from near six-months highs despite supply concerns
BEIJING: Oil prices fell on Monday after surging to near six-month highs late last week, although ongoing attacks on Saudi Arabia kept supply concerns in focus. US crude futures were down $1.60, or 1.55%, at $101.67 per barrel by 0018 GMT. Brent crude futures were down $1.56 or 1.34% at $115.16. Prices had settled nearly $3 higher on Friday after Houthi attacks in Saudi Arabia stoked energy…
Oil prices declined on Monday after surging to near six-month highs the previous week, despite persistent attacks on Saudi Arabia keeping supply concerns at the forefront. US crude futures slipped by US$1.60, or 1.55 percent, to US$101.67 per barrel at 0018 GMT. Brent crude futures experienced a decline of US$1.56, or 1.34 percent, to US$115.16.
Prices had risen nearly US$3 on Friday following Houthi attacks in Saudi Arabia, which heightened worries about energy supply. Brent finished the week up six percent, while West Texas Intermediate decreased by 2.3 percent. The Houthi attacks persisted over the weekend, with the group claiming responsibility for an assault on a Saudi airport and oil facilities on Saturday.
Saudi Arabia reported intercepting additional missiles and drones on Sunday. The world's leading oil exporter resumed partial operations at its main airport on Sunday following damage sustained during a prior series of Houthi strikes, as the militant group vowed to continue targeting the facility.
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