Oil prices witnessed a decline at the beginning of the week’s trading, today, Monday, giving up part of the gains that had jumped near their highest levels in six months late last week, at a time when concerns remain about supplies as a result of the continuing attacks on Saudi Arabia.
US crude futures contracts recorded a decrease of $2.14, or 2.07%, to reach $101.13 per barrel. In parallel, Brent crude futures fell by $2.12, equivalent to 1.82%, recording $114.60 per barrel.
In a separate context, the Saudi Oil Minister and his Singaporean counterpart announced on Monday that the Kingdom will begin storing crude oil in Singapore starting from the second half of 2027, with the aim of raising the level of flexibility of its supply chain in the region.
At the American level, the Department of Energy announced last Friday the issuance of permission to withdraw 400,000 barrels of strategic oil reserves, in a step aimed at addressing the shortage of supplies resulting from the interruption of work in a refinery in the state of Louisiana.
