WASHINGTON (dpa-AFX) - Crude oil benchmarks recorded declines on Monday as markets weighed the potential release of crude oil from Venezuela with the likelihood of recent protests jeopardizing crude oil supply from Iran. Overall, sentiment turned bearish as markets foresee the wave of supplies as well as rising global oil stocks to drag down prices.
Brent Oil Futures for March settlement is currently trading at $63.00, having shed 0.54 percent from the previous close of $63.34. The day's trading ranged between $62.89 and 63.97. Brent oil prices had rallied 2.2 percent on Friday and 3.4 percent on Thursday. The 52-week trading ranged between $58.4 and $82.63.
Brent has however gained 2.1 percent over the past week and 3.1 percent over the past month. Year-to-date gains are at 3.6 percent. Brent oil is currently down more than 20 percent from the levels a year ago and down more than 26 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for March settlement also slipped 0.37 percent from the previous close of $58.94 to trade at $58.72. Prices ranged between a high of $59.77 and a low of $58.65 in the day's trading. Prices had jumped 2.3 percent on Friday and 3.1 percent on Thursday. Trading has ranged between $54.98 and $80.59 over the past 52 weeks.
With weekly gains of 1.2 percent, gains over the past month have increased to 2.7 percent. Year-to-date gains are a little more than 2.3 percent. Prices are currently almost 22 percent below the levels a year ago and close to 26.7 percent below the levels three years ago.
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