Oil prices fell on Monday, dropping off five-week highs, as the investors booked profits after a week of solid gains on anticipation of tighter supply as a result of OPEC+ cuts and ahead of the European Union ban on Russian oil.

Brent crude futures were down 81 cents, or 0.8%, to $97.11 per barrel while West Texas Intermediate crude was down 76 cents, or 0.8%, to $91.88 per barrel.

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Both contracts reached their best levels since August 30 earlier in the day, but then gave up their gains, falling along with Asian equities due to weak trading with Japan and South Korea shut for public holidays.

Last week, Brent and WTI gained the most percentage points since March when the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to reduce their output target by 2 million barrels per day.

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The OPEC+ production cuts will further constrain supply in an already pressured market. Sanctions imposed by the EU on Russian crude and oil products will go into effect in December and February, respectively.

“Profit-taking might be the main reason to pressure the oil prices today after five-day gains last week,” CMC Markets analyst Tina Teng said.

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Bank and brokerage analysts have upped their crude price projections, expecting Brent to soar beyond $100 per barrel in the coming months.

A likely relaxation of COVID-19 limitations in China in the fourth quarter and in 2023 might kick-start oil demand and bring more upside to oil prices, according to CMC’s Teng.

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Russian President Vladimir Putin signed legislation on Friday to establish a new operator for the Exxon Mobil Corp-led Sakhalin-1 oil and gas project in Russia’s the Far East.

Oil output at the Sakhalin-1 plant decreased to 10,000 barrels per day (BPD) in July, down from 220,000 BPD before Russia’s invasion of Ukraine.