Crude oil futures closed lower on Monday, giving back ground from the previous session, where it soared more than 2%, as traders resorted to profit taking. The resumption of production in Kazakhstan also contributed to the fall, while geopolitical tensions in the Middle East limited the decline. Tengizchevroil, which operates the giant Tengiz oilfield in Kazakhstan, announced that it has resumed production. The Caspian Pipeline Consortium announced returning to full loading capacity at the Black Sea terminal. Concerns of output-supply disruption in the Middle East have ascended to new highs as Iran is the fifth largest crude oil producer in the OPEC, extracting nearly 3.3 million barrels per day.
Benchmark crude oil futures for March delivery fell $0.44 or 0.72% to settle at $60.63 a barrel on the New York Mercantile Exchange. Brent crude for March delivery decreased $0.29 or 0.44% to settle at $65.59 a barrel on London's Intercontinental Exchange.
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