TOKYO – Oil prices dropped on Monday, trimming early gains as investors profited from the previous session’s spike, although in the shadow of supply concerns as the European Union prepares an import embargo on Russian oil and OPEC output increased only slightly.
At 0356 GMT, Brent oil futures were down $1.66, or 1.5 percent, to $109.89 per barrel, while US West Texas Intermediate (WTI) crude futures were down $1.55, or 1.4 percent, to $108.94 per barrel.
Both benchmarks, which rose roughly 4% last Friday, had previously risen by more than $1 per barrel, with WTI reaching its best since March 28 at $111.71.
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