Oil prices going down as investors take profit; supply fear still looms

SINGAPORE, May 16 (Reuters): Oil prices fell on Monday, paring early gains as investors took profit following a surge in the previous session, albeit in the shadow of supply fear as the European Union prepares an import ban on Russian crude and with limited increase in OPEC output.

Brent crude futures were down $1.42, or 1.3%, at $110.13 a barrel at 0653 GMT, while U.S. West Texas Intermediate (WTI) crude futures were $1.10, or 1.0%, lower at $109.39 a barrel.