Oil prices fell more than one dollar on Monday as investors took profits and awaited expected new U.S. sanctions on Iran.
Brent crude futures fell $1.16, or 1.23 per cent, to $93.23 a barrel at 11:31 a.m. GMT.
U.S. West Texas Intermediate crude declined $1.55, or 1.78 per cent, to $85.51 a barrel.
Both contracts recorded a second consecutive weekly gain last week, rising more than five per cent.
The gains followed stalled U.S.-Iran peace negotiations, which have constrained oil shipments through the Strait of Hormuz.
