SINGAPORE: Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region. "Technical profit-taking seems to be the most logical explanation", Priyanka Sachdeva, senior market analyst at Phillip Nova, said on the softening in oil prices. ANZ Research cautioned that despite the rally in oil prices last week, the impact of the conflict on oil supply will be relatively small. "We see a direct attack on Iran's oil facilities as the least likely response among Israel's options," it said. "Moreover, we have seen a diminished impact of geopolitical events on oil supply.
