Oil prices fell on Monday after Russia's finance minister said Russia and OPEC may decide to boost production to fight for market share with the United States, where output remains at record highs.
Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers. Renewed fighting also threatened to wipe out crude production in Libya.
U.S. West Texas Intermediate crude futures settled 49 cents lower on Monday at $63.33 per barrel, dropping nearly 1%. WTI touched a five-month high at $64.79 last week.
Brent crude oil futures fell 37 cents to $71.18 a barrel, having hit their highest since Nov. 12 on Friday at $71.87.
Source : Reuters