Oil prices fell on the European market on Monday with a marked activity of correction and profit taking, to drop US crude from the highest level in two weeks, and Brent crude from the highest level in six weeks, and restrain losses expectations of lower Iranian supply after the US sanctions, The United States has the largest pace in more than two years.

By 09:25 GMT, US crude fell to $ 68.40 a barrel from the opening level of $ 68.57, recording a high of $ 68.77, and a low of $ 68.33.

Brent crude oil fell to $ 75.50 per barrel from the opening price of $ 75.59 and recorded a high of $ 75.91 and a low of $ 75.46.

US crude oil settled at a one-day high of one percent on Friday, reaching a two-week high of $ 69.29 per barrel, and Brent crude rose 1.2 percent, hitting a six-week high of $ 76.40 a barrel.

Over the past week, global oil prices have risen by an average of 5%, the first weekly gain in a month, as concerns about oversupply in the market have eased.

Most market forecasts suggest that oil supplies will drop from Iran after US sanctions come into effect and supplies will fall further in November after further sanctions.

US investment bank Jefferies said on Friday there were reports that Iran’s exports were already down by about 700,000 barrels in the first half of August, compared with exports in July.

FGE Energy Consultants said it expects Iranian crude and condensate exports to fall below 1 million barrel per day by the middle of next year.

US drilling and drilling platforms fell last week by 9 platforms to a total of 860 platforms, the biggest weekly drop since May 2016, official data showed on Friday.

Thanks to high drilling activities, US production has jumped more than 30 percent since mid-2016 to a total of 11 million barrel per day, surpassing Saudi Arabia’s production and close to Russia’s largest oil producer in the world.