At the start of the Asian session on Monday, the prices of oil fell, erasing last week's gains, while loading resumed in Novorossiysk, the main Russian export center, after a suspension of two days at the Black Sea port, which had been affected by a Ukrainian attack.

The price of Brent fell by 58 cents, or 0.9%, to $63.81 per barrel at 00:50 GMT. The American WTI award was 59.50 dollars per barrel, down 59 cents, or 1.0%, compared to Closing on Friday.

Both benchmarks increased by more by 2% on Friday, ending the week with a slight increase, after the suspension of exports to Novorossiysk and to a terminal adjacent to Caspian Pipeline Consortium, affecting the equivalent of 2% of global supply.