Crude oil prices declined and hovered near $95 a barrel during the Asian trading hours Monday after surging to a four-month high last week.
Light sweet crude for February delivery declined 0.53 percent or 51 cents to $95.05 a barrel in electronic trading on the New York Mercantile Exchange during the Asian trading hours. Brent crude oil futures for the March delivery fell 0.32 percent or 36 cents to $111.53 a barrel on the ICE futures exchange in London.
Oil futures surged 2.2 percent last week as sentiment was buoyed following the release of the improved economic data in both the U.S. and China, the world’s largest and second-largest oil consuming nations.
