Stoppage weighs on Asian trade

Oil prices fell in Asia on Monday as dealers took profits from steep gains in volatile month-end trading last week, while a US refinery strike also weighed, analysts said.

US benchmark West Texas Intermediate for March delivery fell $1.17 to $47.07 while Brent crude for March closed down $1.27 at $51.72 in late-morning trade.

Analysts said dealers were taking profits after WTI rebounded from six-year lows to rocket $3.71 on Friday, while Brent surged $3.46.