U.S. crude fell in early Asian trade on Monday after last week’s gains, but oil’s risk premium on oil is likely remain intact amid geopolitical risks in Gaza and Ukraine.
U.S. crude fell 25 cents to $102.88 a barrel at 0031 GMT. The contract had settled down 6 cents on Friday, but finished the week higher, partly reversing three weeks of losses. Brent for September was down 16 cents at $107.08 a barrel after ending 65 cents lower on Friday.
The trading community is closely watching an intensifying geopolitical crisis between Russia and the West over the downing of a civilian jet in eastern Ukraine last week, which could lead to stricter Western sanctions against Moscow.