Demand Varies by Region

Brent and WTI crude traded in opposite direction, both likely a function of supply expectations for their respective regions.

In Europe, fear of tighter supplies over the near horizon, due to the Iranian embargo, is pushing Brent higher. In the US, more oil coming from shale plays is placing pressure on WTI crude prices.

Light, sweet crude for March delivery on the NYMEX fell $0.93 to $96.91 per barrel. March futures for Brent crude jumped $1.35 and finished at $115.93 per barrel--a gain of 1.2 percent versus Friday's close.

Among refined products, March reformulated gasoline blendstock improved 0.5 percent finishing at $2.9279 per gallon or up a penny on the day.

Natural gas reclaimed all of Friday's weakness and ended the day at $2.55 per MMBtu, a two percent surge to start off the week.