Oil Prices Fall More Than 1% on Profit-Taking

Doha: Oil prices fell more than 1% on Monday as investors took profits after two consecutive weeks of gains. Brent crude futures fell $1.22, or 1.29%, to $93.17 a barrel. US West Texas Intermediate (WTI) crude fell $1.20, or 1.38%, to $85.86 a barrel. According to Qatar News Agency, both benchmarks posted their second consecutive weekly gains last week, rising more than 5%. The recent fall in prices is attributed primarily to investors opting to secure profits following the recent upward trend in oil futures. This adjustment in oil prices is seen as a response to market activities rather than any significant shift in supply or demand dynamics.