Brent crude futures fell $1.29, or 1.2%, to $105.73 at 0900 GMT, after climbing 2.3% on Friday
. U.S. West Texas Intermediate crude futures declined by $1.78, or 1.7%, to $103.01, paring a 2% gain from Friday.
“The market’s just responding to news flow and China has grabbed the most attention so far,” said Commonwealth Bank commodities analyst Vivek Dhar. “Net long positions in WTI crude futures are now at their lowest level since March 2020, when demand collapsed amid the initial outbreak of COVID-19. This is despite ongoing signs of tightness,” ANZ Research analysts said in a note.
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