Oil prices slipped on Monday, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts and ahead of the European Union embargo on Russian oil.
Brent crude futures fell 81 cents, or 0.8 per cent, to $97.11 a barrel by 0131 GMT while West Texas Intermediate crude was at $91.88 a barrel, down 76 cents, or 0.8 per cent.
Both contracts touched their highest since Aug. 30 earlier in the session but gave up gains, slipping along with stocks in Asia amid thin trade with Japan and South Korea closed for public holidays.
“Profit-taking might be the main reason to pressure the oil prices today after five-day gains last week,” CMC Markets analyst Tina Teng said.
