Brent drops to $71.88 per barrel

Oil prices are falling on Monday morning.

Report informs, citing Interfax, that by 9:10 am Baku time, May futures for Brent decreased by $0.28 (0.39%) to $71.88 per barrel on the London ICE Futures exchange. On Friday, Brent increased by $0.16 (0.2%) to $72.16 per barrel.

May futures for WTI at that time dropped by $0.25 (0.37%) to $68.03 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). In the previous session, the contract rose by $0.21 (0.3%) to $68.28 per barrel.

Traders are assessing the prospects of increased supply from Russia amid efforts to resolve the conflict with Ukraine.