Oil falls as traders cash in after three weeks of gains – Reuters
Oil prices fell over 1% on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets, according to Reuters.
Front-month Brent crude was trading at $44.61 per barrel at 03:32 GMT, down 50 cents, or 1.1%, from their last settlement, as reported by Reuters.
U.S. West Texas Intermediate (WTI) futures were down 62 cents, or 1.4%, at $43.11 a barrel.
Analysts said the price drops were a result of cashing in after three weeks of rising prices.
Read alsoUkraine reduces oil production by 12% in three monthsMarket data shows that the amount of open positions betting on rising WTI prices rose to levels last seen in June 2015 last week, while bets taken out in expectation of falling prices fell close to 2016 lows.
Traders also said oil fell on a jump in the dollar on Friday against a basket of other leading currencies on expectations that Japan will further extend its aggressive monetary easing through negative interest rates.
A stronger dollar, in which oil is traded, makes fuel imports for countries using other currencies more expensive, potentially hitting demand.