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Oil rigs
Oil prices edged lower on Monday, after recording strong gains in last week, as investors tracked economic updates and developments related to COVID-19 pandemic.
The international benchmark Brent crude was trading down 0.9% at $71.28 per barrel, at 9.05 am Makkah time.
WTI crude fell 0.7% to $69.12 per barrel.
Investors may have sold off some contracts to take profit when WTI hit $70, Reuters reported, citing Avtar Sandu, a senior commodities manager at Phillips Futures.
Both contracts have risen for the past two weeks as fuel demand is rebounding in the United States and Europe as governments eased COVID-19 restrictions ahead of summer travel.
Meanwhile, analysts expect global oil demand to exceed supplies in the second half, despite a gradual easing of supply cuts by OPEC+ producers.
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