U.S. benchmark oil for July delivery fell 26 cents to close at US$95.77 per barrel on the New York Mercantile Exchange. Oil rose $4.06, or 4.4 per cent, last week and closed at $96.03 a barrel on Friday.
Traders are waiting for updated forecasts on global oil demand. OPEC and the U.S. Energy Department issue their monthly reports Tuesday, while the International Energy Agency, an umbrella group for the world's oil consuming nations, gives its update Wednesday.
The U.S. Energy Department also comes out with its weekly report on oil and fuel supplies, as well as demand for gasoline in the U.S. Last week's report of a bigger than expected drop in oil supplies helped boost oil prices.
Brent crude, a benchmark for many international oil varieties, fell 61 cents to $103.95 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline slipped two cents to $2.85 a gallon.
— Heating oil fell less than one cent to $2.88 per gallon.
— Natural gas dropped three cents to $3.80 per 1,000 cubic feet.
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