Oil prices slide as investors take profit; supply fear still looms | Reuters

Oil prices slide as investors take profit; supply fear still looms | Reuters

Oil prices fell on Monday, paring early gains as investors took profit following a surge in the previous session, albeit in the shadow of supply fear as the European Union prepares an import ban on Russian crude and with limited increase in OPEC output.

Brent crude futures were down $1.42, or 1.3%, at $110.13 a barrel at 0653 GMT, while U.S. West Texas Intermediate (WTI) crude futures were $1.10, or 1.0%, lower at $109.39 a barrel.

Both benchmarks, which jumped about 4% last Friday, earlier climbed by more than $1 a barrel, with WTI reaching its highest since March 28 at $111.71.

"Investors scooped up profit after a sharp gain last Friday," said Naohiro Niimura, a partner at Market Risk Advisory.