(by Ameli Berksman)

On Monday, oil prices dropped slightly within the continuation of the process of taking profits, set by hedge funds some time ago, market players say.

As a result, London Brent crude dropped 23 cents to $41.00 per barrel. Though, the price fall was partially stopped by the growing oil demand and tensed spare production.

“Hedge funds bailing out might continue to depress the price in the short term, but fundamental tightness will remind the bulls they should not leave the stage for too long," said analysts of PFC Energy.

Growing demand is connected with the U.S. having the lowest in five months crude stocks results. Fears about cutting oil supply remain the same as attacks on Iraqi pipelines continue.