Oil futures declined Monday, with prices posting their first loss in four sessions. Oil prices had a good run lately, but by Friday it was “getting a bit overbought in the short term,” said Colin Cieszynski, chief market strategist at SIA Wealth Management, adding that they also got caught up in the general pullback in commodities with the U.S. dollar starting to rebound.
Meanwhile, prices fell despite the weekend attack on Saudi oil facilities, suggesting that investors are not responding to supply disruptions, he said. “This may be due to the market being well supplied, with major oil producers, who decided last week to keep production curbs in place, able to easily “backfill any disruptions.” April West Texas Intermediate crude CLJ21, 1.28% fell $1.04, or 1.6%, to settle at $65.05 a barrel.