OIL PRICES FALL AS TRADERS WEIGH DEMAND CONCERNS AGAINST RISK PREMIUM

Oil prices fell more than a dollar a barrel on Monday as China's ailing property sector sparked demand worries, causing traders to reassess the supply risk premium from escalating tensions in the Middle East.nBrent crude futures fell $1.22, or 1.5%, to $82.33 a barrel by 12:56 pm ET (1756 GMT), while U.S. West Texas Intermediate crude futures were down $1.24, or 1.6%, at $76.77 per barrel. Both benchmarks gained about 1.5% earlier on Monday, with Brent prices touching their highest since early Nov. after a fuel tanker was hit by a missile in the Red Sea and U.S. troops were attacked in Jordan near the Syrian border. The events mark a major escalation of tensions that have engulfed the Middle East.

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