The price of oil fell Monday as traders took profits following a recent run-up in prices.
Benchmark oil for May delivery was down 40 cents to $96.87 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 65 cents to close at $97.23 a barrel on Thursday. The market was closed Friday for the holiday.
Oil gained more than $4 in recent sessions, driven by signs of strength in the U.S. economy. Higher prices motivated investors to cash in.
"Oil prices pulled back some this morning primarily due to profit-taking. Prices rose last week based on strong performance in the equities market and also a weaker dollar," said Victor Shum, energy analyst at Purvin & Gertz in Singapore.
