Oil prices drop on profit-taking, supply fears linger – Reuters.com
- Date: 16-May-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Gulf
Oil prices drop on profit-taking, supply fears linger – Reuters.com
TOKYO, May 16 (Reuters) - Oil prices slipped on Monday, giving up earlier gains as investors took profits after a surge in the previous session, but global supply fears loomed with the European Union preparing to phase in a ban on imports from Russia.
Brent crude futures were down 64 cents, or 0.6%, at $110.91 a barrel at 0137 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 60 cents, or 0.5%, to $109.89 a barrel.
Both benchmarks, which jumped about 4% last Friday, earlier increased by more than $1 a barrel, with WTI reaching its highest since March 28 of $111.71.
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