The Wall Street Journal reported that oil prices fell on Monday despite gaining earlier in the day on increased tensions in the Middle East. However, worries over robust supplies outweighed those concerns.
As quoted in the publication:
Light, sweet crude for February delivery recently fell 41 cents, or 1.1%, to $36.63 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell 20 cents, or 0.5%, to $37.08 a barrel on ICE Futures Europe.
Prices climbed earlier Monday on concerns about increased tensions in the Middle East. Rallies fueled by geopolitical concerns in the past two years have quickly fizzled as traders have bet that robust global production and ample inventories would mute the effect of any production outage. Heightened global unrest and still-high oil output could stoke further volatility in oil prices in the coming weeks.
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