Oil prices fell Monday as investors booked some profits after a seven-day surge. Prices were also pressured by concerns about global economic recovery and a stronger dollar.
Benchmark crude fell by $1.21 to end the day at $108.56 per barrel in New York. Brent crude, which is used to price oil thats imported by US refineries, lost $1.30 to finish at $124.17 per barrel in London.
Analysts say a standoff between the West and Iran over its nuclear program continues to keep oil prices around nine-month highs. But some traders sold contracts to lock in profits following a 9 percent rise since mid-February. Some people are getting out now just because oil is at those high levels.
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