Oil prices fall modestly after upbeat week

By Trend

Oil prices declined on Monday, giving up some of the gains scored in the prior week, Trend reports citing Xinhua.

The West Texas Intermediate (WTI) for December delivery decreased 47 cents, or nearly 0.6 percent, to settle at 84.58 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 24 cents, or 0.3 percent, to close at 93.26 dollars a barrel on the London ICE Futures Exchange.

The above market moves came as economic fears outweighed tight supply concerns.

"Mounting risks to global growth mean that demand expectations are likely to ease," UBS analysts said in a note.

For the week ending Friday, the WTI rose 0.5 percent, while Brent advanced 2 percent, based on the front-month contracts.