Oil prices fall Monday after nearing six-month high amid supply concerns
Crude oil prices fell on Monday from partial record highs reached last week, as supply worries continued following Houthi attacks on Saudi Arabia and Washington approved the release of 400,000 barrels.
Oil prices fell on Monday morning after approaching their highest levels in six months during last week's trading, amid ongoing concerns about supply availability following Houthi attacks on Saudi Arabia.
U.S. West Texas Intermediate (WTI) crude futures fell $2.14, or 2.07%, to $101.13 a barrel, while Brent crude futures dropped $2.12, or 1.82%, to $114.60 a barrel.
Brent ended last week up about 6%, while WTI rose about 2.3%, amid a wave of concerns triggered by attacks on Saudi facilities over energy supplies.
In a separate development, the U.S. Department of Energy approved the release of 400,000 barrels from the Strategic Petroleum Reserve to address a supply disruption at a Louisiana refinery.
