Oil prices fell slightly on Monday, driven down by several factors including a renewed strength of the dollar, with investors also waiting for more information on future American policy towards Iran. On Monday morning, North Sea Brent crude oil for delivery in March dropped 0.13% to London compared to Friday's close of $55.03. For its part, the American barrel of WTI fell 0.02% to 52.35 dollars in February. The prices of the two benchmark crude contracts ended last week with a sharp fall of more than 2% on Friday, after reaching the highest levels since the end of February 2020 two days earlier, at 57.42 dollars and 53.93 dollars per barrel, respectively. Oil prices “remain under pressure,” analyst Eugen Weinberg said. “Economic fears related to Covid-19, a stronger US dollar and more pessimistic investor sentiment are all playing their part” in this sense, he continued. The pandemic passed the mark of two million deaths worldwide on Friday since its discovery in China in December 2019 and the number of contaminations is approaching 100 million on Monday. The Dollar Index, which compares the greenback to other major currencies, was also trading at its highest in nearly a month, moving away from its lowest in two and a half years hit in early January. For the black gold market, this means that a barrel, priced in dollars, is more expensive for buyers using other currencies. But “overall, the environment remains favourable (for prices), with buyers popping up every time the price falls,” said analyst Carlo Alberto De Casa. Analysts also identified on Monday a main factor capable of setting a ceiling on crude oil prices: a relaxation of American policy towards Iran, mentioned several times by the future tenant of the White House Joe Biden and bringing back a volume of crude oil to the market that is currently excluded. (NOT)