Oil prices fell in early Asian trading following the United Arab Emirates and the Iran-aligned Houthi movement welcomed a truce that will halt military operations on the Saudi-Yemeni border, alleviating some concerns regarding potential supply problems.
The early losses this week come following oil prices fell at the close of 13 percent last week, in what is considered the largest weekly decline in two years, when US President Joe Biden announced the largest withdrawal ever from US oil reserves.
Brent crude futures fell $1.01, or one percent, to $103.38 a barrel by 2223 GMT. West Texas Intermediate crude futures fell 84 cents, or 0.9 percent, to $98.43 a barrel.
