Oil prices fell in early trade on Monday, weighed down by the announcement of cuts in Saudi crude prices and an increase in OPEC production, which outweighed concerns related to escalating geopolitical tensions in the Middle East.
Brent crude fell nine cents, or 0.1 percent, to $78.67 a barrel, and West Texas Intermediate crude fell 10 cents, or 0.1 percent, to $73.71 a barrel.
Crude jumped more than 2 percent in the first week of 2024 after investors returned from holiday to focus on geopolitical risks in the Middle East in the wake of Houthi attacks in Yemen on ships in the Red Sea.
Source (Al-Arabiya.net Website, Edited)
