NEW YORK, March 8 (Xinhua) -- Oil prices fell on Monday, giving up some of the gains they scored last week.

The West Texas Intermediate (WTI) for April delivery lost 1.04 U.S. dollars, or 1.6 percent, to settle at 65.05 dollars a barrel on the New York Mercantile Exchange.

Brent crude for May delivery decreased 1.12 dollars, or 1.6 percent, to close at 68.24 dollars a barrel on the London ICE Futures Exchange. The global benchmark hit a high of 71.38 dollars per barrel on Sunday, its highest level since January 2020.

For the week ending Friday, WTI crude rose 7.5 percent, while Brent crude advanced 7.7 percent.