Oil extends losses on reserves release, Yemen truce

Oil prices extended losses on Monday as investors eyed the release of supplies from strategic reserves from consuming nations, while a truce in Yemen could ease supply disruption concerns in the Middle East.

Brent crude futures fell 79 cents, or 0.8 per cent, to $103.60 a barrel by 0037 GMT while US West Texas Intermediate crude was at $98.45 a barrel, down 82 cents, or 0.8 per cent. Both contracts slipped $1 when markets opened on Monday.

The United Nations has brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict. Saudi oil facilities have come under attack by the Houthis during the conflict, adding to supply disruption from Russia.