Oil prices dipped on Monday, but optimism that China’s reopening from COVID restrictions will lift fuel demand in the world’s top crude importer kept prices near 2023 highs, reached after a surge in prices last week.

Brent crude fell 64 cents, or 0.8%, to $84.64 a barrel by 0525 GMT, while U.S. West Texas Intermediate crude was at $79.30 a barrel, down 56 cents, or 0.7%, amid thin trade during a U.S. public holiday.

Both contracts rose more than 8% last week, the biggest weekly gains since October and that may have spurred some short-term selling to lock in the profits from the move higher.

“After the scale of the move last week, we could be seeing some profit taking,” said Warren Patterson, ING’s Head of Commodities Strategy, adding that thinner trading volumes would make any selling appear to be more pronounced.

Source: National News Agency – Lebanon