Oil slips from near six-month highs despite supply concerns
USO•Oil prices fell on Monday after surging to near six-month highs late last week. U.S. crude was down 1.55% at $101.67 a barrel and Brent fell 1.34% to $115.16.
1. Prices retreat
Oil prices fell on Monday after rising to near six-month highs late last week, despite ongoing attacks on Saudi Arabia keeping supply concerns in focus. U.S. crude futures were down $1.60, or 1.55%, at $101.67 a barrel by 0018 GMT, while Brent crude futures fell $1.56, or 1.34%, to $115.16.
2. Saudi attacks continue
Prices settled nearly $3 higher on Friday after Houthi attacks in Saudi Arabia raised energy supply concerns. Brent finished the week up 6% and U.S. crude rose 2.3%. The Houthis said they attacked the Saudi airport and oil facilities on Saturday, while Saudi Arabia said Sunday it had intercepted more missiles and drones. The country partially restarted operations at its main airport on Sunday after damage in an earlier attack, as the group vowed to keep targeting it.
