Crude oil prices fall 0.5% in early Monday trade

October 7 – Oil prices pared gains in early trade on Monday after charting their biggest weekly rise in over a year on Friday amid mounting threats of a region-wide war in the Middle East.

Brent crude futures fell 43 cents, or 0.5 per cent, to US$77.62 per barrel by around 0015 GMT. US West Texas Intermediate crude futures slipped 35 cents, or 0.5 per cent, to US$74.03 per barrel.

Last week, the Brent contract gained over 8 per cent on a weekly basis and the most in a week since January 2023, while the WTI contract gained 9.1 per cent week-on-week, the most since March 2023.

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