Oil prices fell today, Monday, giving up previous gains, as investors booked profits after prices rose in the previous session, but concerns loomed over supply in global markets with EU readiness to impose a ban on imports from Russia.

Brent crude futures fell 64 cents, or 0.6%, to $110.91 a barrel at 1:37 GMT, while Brent crude futures declined US Texas 60 cents, or 0.5%, at the level of $ 109.89 a barrel.

The two benchmarks, which jumped nearly 4% last Friday, earlier rose more than $1 a barrel as West Texas Intermediate crude reached its highest level in 28 years. last March to $111.71.

According to CNBC Arabia, four diplomats and officials said on Friday that the European Union was still aiming to agree on a phased embargo on Russian oil this month despite of supply concerns in Eastern Europe, rejecting suggestions for delays or mitigations.

Moscow last week imposed sanctions on several European energy companies, causing supply concerns.