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Oil prices slide as investors take profit; supply fear still looms

The European Union aims to agree a phased embargo on Russian oil this month despite concerns about supply in eastern Europe

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Last week, Moscow slapped sanctions on several European energy companies, causing worries about supplies. (Photo: Bloomberg)

Reuters Tokyo
Oil prices fell on Monday, paring early gains as investors took profit from 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 $1.66, or 1.5%, at $109.89 a barrel at 0356 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped $1.55, or 1.4%, to $108.94 a barrel.

Both benchmarks, which jumped about 4% last Friday, earlier climbed by more than $1 a barrel, with WTI reaching its highest since March 28 at

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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