Also pulling down prices of the energy commodity was the closure of the Waha Oil Company oil pipeline in Libya after demonstrations manifested following a labor dispute. Euro zone finance ministers demanded that nationals of Cyprus pay taxes on deposits as a condition of the bailout aid approved for the nation this past weekend.
"Confidence is rattled," commodity strategy head Ole Hansen at Saxo Bank A/S in Copenhagen told the news source on Monday. "We have to figure out where this Cyprus debacle leaves us. Until we know for sure what's happening, it'll probably keep the market on the defensive for a few days."
At 2:22 p.m. on Monday, West Texas Intermediate crude oil futures rose 0.4 percent, a 40-cent increase to $93.83 per barrel. Brent crude oil futures dropped 0.3 percent, a 33-cent loss to $109.49 per barrel.
Dow Jones Newswires reports the Saudi Arabian minister of oil said at a Hong Kong conference that international trading in monetary units other than the dollar is unlikely to work.
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