SINGAPORE: Oil prices fell by more than 1 percent on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel’s apparently small strike on Iran, according to Reuters.
Brent futures fell $1.21, or 1.4 percent, to $86.08 a barrel by 9:55 a.m. Saudi time. The front-month US West Texas Intermediate crude contract for May, which expires on Monday, fell 97 cents, or 1.2 percent, to $82.17 a barrel, while the more active June contract dropped $1.23 to $80.99 a barrel.