Crude oil prices rise modestly as concerns over supply risks arise

Oil prices reversed earlier losses to end higher on Monday as concerns over supply risks gripped the market.

The West Texas Intermediate (WTI) for June delivery added 48 cents, or 0.5 per cent, to settle at 105.17 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 44 cents, or 0.4 per cent, to close at 107.58 dollars a barrel on the London ICE Futures Exchange.

Earlier in the session, both crude benchmarks dropped with the WTI trading as low as 100.28 dollars a barrel.

Oil prices “have seen days of gains and losses alternating almost like clockwork,” because “influential factors are cancelling each other out,” Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Monday.