WTI crude falls 1.6%, slips below $91

Oil drilling rigs

Oil prices declined on Monday, after seven consecutive weeks of gains, amid geopolitical tensions and crude supply outlook.

The international benchmark Brent crude was trading down 1.13% at $92.22 per barrel (bbl), at 12.15 pm Makkah time.

WTI crude fell 1.58% to $90.85/bbl.

Crude prices rose with improved demand levels and a supply shortage, making $100 a barrel a possibility.

Geopolitical concerns also supported crude prices, as Russia gathered troops near Ukraine despite President Vladimir Putin's assertion that he has no plans to invade Kiev.

A severe cold snap across Texas forced some Permian crude producers to suspend a small portion of their production, as icy roads disrupted trucking operations.