Brent crude fell by around 1.9 percent from its previous close to $109.58 a barrel on international futures markets as of 09:21 on the first trading day of the week. At the same time, December West Texas Intermediate (WTI) crude was trading at $101.02 a barrel.
The December Brent contract had climbed as high as $112.45 on Friday before settling at $111.70. The new week opened with a noticeable pullback in prices.
The decline was driven by expectations that the conflict between the United States and Iran could ease. However, ongoing attacks in Saudi Arabia kept concerns about the security of global oil supply alive.
On the technical side, $109.78 is being watched as a resistance level for Brent, with $109.36 seen as support.
In North Cyprus, free-market exchange rates were set as of 09:00 at the start of the week. The euro was bought at 55.65 TL and sold at 56 TL, while sterling was bought at 66.35 TL and sold at 66.75 TL. The US dollar was trading at 49.92 TL.
