Oil declines after weekly gains

Oil prices declined on Monday but trimmed their losses in an attempt to steady the pace after last week’s gains.

Goldman Sachs’ analysts expect Brent prices to hold below $100 in 2024, as global supplies are expected to carry on with no additional major hits, with current geopolitical tensions already priced in.

Oil prices marked the fourth weekly profit in a row last week, the longest such streak of gains since August due to geopolitical tensions and lower supplies. 

On trading, Brent futures due in June fell 79 cents to $90.38 a barrel.

US crude futures due in May fell by 48 cents to $86.43 a barrel.