Oil drilling rigs
Oil prices declined on Monday, after seven consecutive weeks of gains, amid geopolitical tensions and crude supply outlook.
The international benchmark Brent crude was trading down 1.13% at $92.22 per barrel (bbl), at 12.15 pm Makkah time.
WTI crude fell 1.58% to $90.85/bbl.
Crude prices rose with improved demand levels and a supply shortage, making $100 a barrel a possibility.
Geopolitical concerns also supported crude prices, as Russia gathered troops near Ukraine despite President Vladimir Putin's assertion that he has no plans to invade Kiev.
A severe cold snap across Texas forced some Permian crude producers to suspend a small portion of their production, as icy roads disrupted trucking operations.
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