OIL PRICE: BRENT NEAR $102, WTI NEAR $98

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Brent was down $4.91, or 4.6%, at $101.74 a barrel. WTI fell $5.00, or 4.9%, to $97.07.

Both oil benchmarks lost nearly 5% last week on demand concerns and Brent has retreated sharply after hitting $139, the highest since 2008, last month.

Oil also weakened on the prospect of higher U.S. interest rates, which are boosting the U.S. dollar. A strong dollar makes dollar-priced commodities more expensive for other currency holders and tends to reflect increased risk aversion among investors.?

Oil gained support from tight supply. Russia's invasion of Ukraine has already reduced supply because of Western sanctions and customers avoiding buying Russian oil, but the market could tighten further with a potential EU ban on Russian crude.