Oil prices fall as a result of profit-taking

Oil prices fell on Monday, giving up earlier gains as investors booked profits after prices rose in the previous session, but concerns loomed oversupply in global markets as the European Union prepared to impose a ban on imports from Russia.

Brent crude futures fell 64 cents, or 0.6 percent, to 110.91 dollars a barrel at 0137 GMT, while US West Texas Intermediate crude futures fell 60 cents, or 0.5 percent, to 109.89 dollars a barrel.

The two benchmarks, which jumped about 4 percent last Friday, rose earlier by more than $1 a barrel, with West Texas Intermediate crude reaching its highest level since March 28 at $111.71.

Four diplomats and officials said on Friday that the European Union was still aiming to agree on a phased ban on Russian oil this month despite concerns about supplies in Eastern Europe, rejecting suggestions for delays or easing.

Moscow last week imposed sanctions on several European energy companies, causing supply concerns.