Oil futures finished lower Monday, after briefly touching their highest intraday levels of the year, with prices giving up some of the gains they scored last week as concerns over a potential slowdown in energy demand resurfaced.
West Texas Intermediate crude oil for March delivery fell by 70 cents, or 1.3%, to settle at $54.56 a barrel on the New York Mercantile Exchange, after tapping a high of $55.75. The contract settled up 2.7% to $55.26 a barrel Friday, with prices tracking the front-month contracts logging their highest finish since Nov. 19. The month of January saw WTI crude rise 18.5%, and 2.9% on the week, according to Dow Jones Market Data.
April Brent fell 24 cents, or 0.4%, to $62.51 a barrel on ICE Futures Europe, after reaching a session peak of $63.63. It rose 3.1% to $62.75 a barrel Friday. Prices based on the front-month contract gained 15% in January and about 1.8% last week.
Source : Marketwatch