NEW YORK, April 9: Oil fell more than four per cent on Monday, extending declines that followed Iran’s release last week of 15 British sailors and marines. The release last Thursday of the British sailors and marines eased simmering tensions between the West and Iran, the world’s fourth biggest oil exporter.

The two-week detention of the UK military personnel had driven US crude oil prices briefly above $68 a barrel, their highest since September last year.

US crude settled down $2.77 to $61.51 a barrel.

London Brent crude was down $1.49 at $66.75 a barrel, in trade subdued by the Easter holiday.

Brent maintained a premium of nearly $5 over US crude partly due to relatively high supplies of US crude at the key Cushing, Oklahoma supply hub.

But concerns about Iran's uranium enrichment programme, as well as the conflict in Iraq still underpin oil prices, which are well above this year’s lows of $49.90 a barrel in January.

The energy markets are also keenly eyeing US gasoline supplies leading into the summer driving season. Stockpiles of the key motor fuel have dropped nearly 10 per cent since early February amid refinery outages.—Reuters