Crude prices cooled off after six days of gains

Crude oil futures cooled off slightly on Monday, falling for the first time in last seven days and after scaling 2-week high in last session on concerns over supply disruption from the Middle East with the Suez Canal skirting a tense Egypt as violence continued to escalate. Though, the trade remained choppy for the day but prices declined after the Caribbean low pressure system that threatened to grow into a Tropical Storm in the oil-rich Gulf of Mexico fizzled out.

Benchmark crude oil future for September delivery declined by 36 cents to settle at $107.10 a barrel on the New York Mercantile Exchange. In London, Brent crude for October settlement fell 50 cents or 0.5 percent, to end at $109.90 a barrel on the ICE.