Live
Audio Only
Oil prices reversed earlier losses to end higher on Monday as concerns over supply risks gripped the market.
The West Texas Intermediate (WTI) added 48 cents, or 0.5 percent, to settle at 105.17 U.S. dollars a barrel on the New York Mercantile Exchange for June delivery. Brent crude for July delivery increased 44 cents, or 0.4 percent, to close at 107.58 dollars a barrel on the London ICE Futures Exchange.
Both crude benchmarks dropped earlier in the session, with the WTI trading as low as 100.28 dollars a barrel.
Oil prices "have seen days of gains and losses alternating almost like clockwork" because "influential factors are canceling each other out," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Monday.
He said that concerns over supply risks continue to play a role as the European Union appears to be moving towards an oil embargo against Russia.
According to media reports last week, German representatives to EU institutions lifted objections to a full embargo of Russian supplies, provided Berlin was given enough time to find alternative supplies.
The U.S. crude standard and Brent climbed 2.6 percent and 2.5 percent for the week ending Friday, respectively.
Newsletter
