Brent gives up 3-month high on profit taking

Brent crude turned lower the US market opened on Monday, to give up its 3-month high hit earlier during the European session, on the cusp of its daily first loss in five days on profit-taking.

Brent fell to $66.85 a barrel, from the opening of $68.16, and hit an intraday high of $68.38 (the highest since Sept. 17).

On Friday, Brent futures gained 0.4%, and posted the fourth straight daily gain.

During the past week, oil prices gained 2.1%, in the fourth consecutive weekly gain.

These gains were achieved thanks to the agreement of the "OPEC Plus" coalition to deepen production cuts during the first quarter of 2020, along with the positive developments from the trade talks between the United States and China.

This came after the OPEC-Plus coalition announced agreeing on further output cuts until the end of next March, and the US and China reaching a trade deal.