Brent crude was down 67 cents at $103.72 a barrel by 1010 GMT, while U.S. West Texas Intermediate crude fell 57 cents to $98.70
Oil slipped on Monday in volatile trading as the release of strategic reserves by consuming nations eased concerns over tight supply amid Russia’s invasion of Ukraine and the lack of an Iranian nuclear deal.
“The massive release of 1 million barrels per day over a period of six months in the United States alone is likely to ensure that the oil market is no longer acutely undersupplied in the second and third quarters,” Carsten Fritsch of Commerzbank wrote in a report. Russia’s invasion of Ukraine in February intensified supply worries that were already underpinning prices. Sanctions imposed on Russia and buyers’ avoidance of Russian oil have already led to a drop in output and raised fears of larger losses.“In view of this, it will take a brave man to bet on oil prices finding a new home below $100 a barrel,” said Stephen Brennock of PVM.
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 Houthi attack during the fighting.
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