Mubasher: Oil prices fell on Monday in Asia’s early trades after a long Christmas weekend, with U.S. crudes defending a newly gained premium over internationally traded Brent contracts in quiet trading ahead of the end of the year.
Brent crude declined 0.45% or 17 cents to $37.75 per barrel.
The U.S. crude fell 0.80% or 30 cents to $35.47 per barrel.
Oil prices witnessed selling pressures as some investors had fears over negative outlook on oil prices, economist and oil analyst told Mubasher.
The oil price rose last week as the dollar weakened against the main currencies which saw corrective swing after the Federal Reserve’s decision to raise interest rates.
The US Dollar index fell 0.11% to 97.91.
