Oil prices dip after reaching near six-month highs amid Saudi attack concerns
Crude prices fell on Monday following a rally to near six-month peaks last week, as recent Houthi attacks on Saudi facilities kept supply worries alive.
Oil prices retreated on Monday after climbing to near six-month highs late last week. By 0018 GMT, U.S. West Texas Intermediate futures were down $1.60, or 1.55%, at $101.67 a barrel, while Brent crude fell $1.56, or 1.34%, to $115.16.
The market had risen about $3 on Friday after Houthi attacks in Saudi Arabia raised concerns about energy supply. Brent closed the week up 6% and WTI up 2.3%.
The militant group said it struck a Saudi airport and oil facilities on Saturday, and Saudi officials reported intercepting additional missiles and drones on Sunday. The kingdom’s main airport resumed partial operations on Sunday despite damage from earlier attacks, while the Houthis pledged to continue targeting the site.
"We have intercepted more missiles and drones," a Saudi spokesperson said.
Reporting by Colleen Howe; editing by Clarence Fernandez and Lincoln Feast.