BEIJING: Oil prices fell on Monday after surging to near six-month highs late last week, although ongoing attacks on Saudi Arabia kept supply concerns in focus.
US crude futures were down $2.14, or 2.07%, at $101.13 per barrel by 0232 GMT. Brent crude futures were down $2.12, or 1.82%, at $114.60.
Prices had settled nearly $3 higher on Friday after Houthi attacks in Saudi Arabia stoked energy supply concerns. Brent finished the week up 6% and WTI ended 2.3% higher.
Attacks continued over the weekend with Houthis saying they had attacked the Saudi airport and oil facilities on Saturday. Saudi Arabia said on Sunday it had intercepted more missiles and drones.
The top oil exporter restarted partial operations at its main airport on Sunday after damage in a previous round of Houthi attacks even as the militant group vowed to keep targeting the facility.
Saudi Arabia will start storing crude oil in Singapore from the second half of 2027, to shore up the resilience of its supply chain in the region, energy ministers from both countries said on Monday.
In the US, the energy department said on Friday it had authorized the release of 400,000 barrels of oil from the Strategic Petroleum Reserve to address a supply disruption at a Louisiana refinery. - Reuters
