Crude oil futures snapped a seven session winning streak on Monday as nerves that the recent run-up in prices could hamper the global economic recovery.
The spike in oil prices was a point of concern at the latest G20 meeting in Mexico on Sunday. In an official statement the group said it is ‘alert to the risks of higher oil prices.’
Meanwhile concern about persistent tensions between Iran and the West bubbled away, a factor that has been pumping up prices recently. Upbeat US economic data has also fuelled oil prices, which have risen 11% since the start of February.
Crude for April delivery settled down $1.21 at $108.56 a barrel on the New York Mercantile Exchange after a striking a 9-month high on Friday.
In London, Brent crude settled down $1.30 at $124.17 a barrel on the ICE futures exchange.
Among precious metals gold futures settled lower again on Monday as profit takers continued to move in. Bullion for April delivery lost $1.50 to settle at $1,774.90 an ounce on the Comex division of the New York Mercantile Exchange.
Meanwhile silver for March delivery settled up 19 cents at $35.52 an ounce.