Oil prices declined for a fifth consecutive session on Monday as the confrontation between the US and Iran deescalated, with February West Texas Intermediate falling 1.6% to $58.08 per barrel, the lowest close since Dec. 3, while March Brent settled 1.2% lower at $64.20 per barrel. However, the situation could become heated again, "so a certain risk premium on the oil price is still appropriate," said Commerzbank analyst Carsten Fritsch.
Oil prices trend lower as geopolitical tensions ease
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