Ammon News - Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region.

Brent crude futures fell 28 cents, or 0.36%, to $77.77 per barrel by 0645 GMT. U.S. West Texas Intermediate crude futures slipped 19 cents, or 0.26%, to $74.19 per barrel.

Brent rose by more than 8% last week, the biggest weekly gain since January 2023, while the WTI contract gained 9.1% week-on-week, the most since March 2023, on expectations that Israel could strike Iranian oil infrastructure in response to an Iranian missile attack on Israel on Oct. 1.

Reuters