Oil Pares Gains after Strongest Weekly Rise in Over a Year

Oil prices pared gains in early trade on Monday after charting their biggest weekly rise in over a year on Friday amid rising geopolitical tensions. Brent crude futures fell 43 cents, or 0.5%, to $77.62 per barrel. US West Texas Intermediate crude futures slipped 35 cents, or 0.5%, to $74.03 per barrel. Last week, the Brent contract gained over 8% on a weekly basis and the most in a week since January 2023, while the WTI contract gained 9.1% week-on-week, the most since March 2023. Source: Qatar News Agency