Oil slips from near six-months highs despite supply concerns

Oil prices retreated on Monday after climbing close to six-month peaks late last week, Business Recorder reported, as renewed supply worries persisted. At 0018 GMT, US crude was lower by $1.60, or 1.55%, at $101.67 a barrel, while Brent fell $1.56, or 1.34%, to $115.16.

Both benchmarks had gained almost $3 on Friday after Houthi strikes in Saudi Arabia raised concerns about oil availability. Brent ended the week 6% higher and WTI was up 2.3%; attacks continued over the weekend, with the Houthis claiming a strike on a Saudi airport and oil facilities, while Saudi Arabia said it had intercepted further missiles and drones. The main airport resumed limited operations on Sunday after earlier damage, even as the group threatened further attacks on the facility. Global crude prices are relevant to investors tracking the oil and gas exploration, marketing and refinery sectors.