Oil eases from six-month high as Brent slips toward $115
After a 6.4% weekly jump, Brent crude fell on Monday as traders reacted to reports of renewed diplomacy between Qatar and Iran.
Symbolic image · Photo: ImagePerson / Wikimedia Commons, CC BY 4.0 (cropped and resized)
Brent crude fell on Monday after a strong week. A barrel traded at $114.76, down 1.68%, according to CNBC data cited by Bulgarian news site Actualno, while U.S. light crude dropped 2.03% to $101.19.
Brent hit a six-month high of almost $117 a barrel at the end of last week after gaining 6.4% over the week on worries about Middle East supplies. It eased toward $115 on reports of renewed diplomacy between Qatar and Iran, broker FXCM said in a market briefing.
Tensions in the region remain unresolved, FXCM said. Expensive energy remains a key factor for central banks announcing rate decisions this week.