Oil prices halted their rally on Monday with Brent futures falling below $71 per barrel on signals that Russia may exit production cuts.
Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers.
Brent crude futures were at $71.15 a barrel at 1330 GMT, down 40 cents, or 0.60 percent, having earlier slid below $71 per barrel. Brent hit its highest since Nov. 12 on Friday at $71.87.
U.S. West Texas Intermediate crude futures were at $63.49 per barrel, down 40 cents or 0.66 percent.
