US crude sinks 3%, settling at $63.01, as geopolitical anxiety that fueled a rally fades

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US crude sinks 3%, settling at $63.01, as geopolitical anxiety that fueled a rally fades

Oil prices fell 3 percent in thin trading on Monday, as the geopolitical concerns that underpinned last week's rally faded.

Crude futures had risen in overnight trading, lifted by a drop in drilling activity in the United States and concerns that Washington could reintroduce sanctions against Iran, OPEC's third-biggest oil producer.

U.S. WTI crude futures ended Monday's session down $1.93, or 3 percent, at $63.01 a barrel, after finishing the first quarter up 7.5 percent.

Brent crude futures were down $1.59, or 2.3 percent, at $67.75 per barrel by 1:55 p.m. ET, having nearly touched the contract's 2018 high of $71.28 last week.