Crude prices fall as geopolitical worries fade

Crude prices fell Monday as traders shrugged off the geopolitical worries over Ukraine and the Middle East.

The European Union is working on a new round of sanctions against Russian industries. Russia is an important oil production country, and most of Russian crude and gas exports to Europe pass through Ukraine.

A Malaysian passenger jet crashed in Ukraine on July 17. Escalating tensions in Ukraine ignited concerns about the global energy supplies.

Despite the escalating violence in Iraq, OPEC's second-largest producer, tensions in the market are fading on signs that crude production from southern Iraq has not been disrupted.

The situation in the Gaza Strip still added worries about the supplies from the oil-rich Middle East. U.S. President Barack Obama has called for an immediate ceasefire in Gaza.

Traders were comforted as the battles in Ukraine and the Middle East haven't had an impact on oil shipments.

Light, sweet crude for September delivery moved down 42 cents to settle at 101.67 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 82 cents to close at 107.57 dollars a barrel.