Brent, WTI each lose more than $1 per barrel

Crude oil prices hit new highs on Monday before seeing losses as investors engaged in profit-taking.  Despite the day’s declines, most analysts believe that oil can only go up in the short term on issues as diverse as geopolitics, higher Chinese imports, and the weather.

Brent crude for September delivery was up to $78.18 per barrel, a new record, before dropping $1.33 from Friday’s close to $76.25.  Meanwhile, West Texas Intermediate crude was down $1.38 by midday on the New York Mercantile Exchange, to $75.65 per barrel.  On Friday, WTI hit a new high of $78.40 per barrel.