Oil prices fell from record highs after increases in U.S. crude oil and fuel supplies triggered profit -taking by investors over the weekend.
In the Asian session, Brent crude futures fell 2% to $ 86.50 a barrel, while US WTI trading fell about 2.2% to trade at $ 83.55 a barrel.
Despite the decline, crude oil trading is still trading around the 7 -year high. Both benchmarks have risen more than 10% this year due to concerns over supply shortages.
The increase was supported by concerns over supply following geopolitical tensions in the Middle East.
Meanwhile, the latest data from the Energy Information Administration (EIA) reported that U.S. crude oil supplies increased by 0.5 million barrels last week compared to expectations for a decline of 2.1 million barrels.
Petrol inventories increased by 5.9 million barrels compared to the forecast of only 2.6 million barrels. The increase gave investors a reason to take profits after pushing the black commodity higher this week.
