Crude oil prices edged lower on Monday after rallying in the early trade. At 1400 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.20 (-0.27 percent) to reach $74.95 a barrel. Similarly, the US West Texas Intermediate (WTI) price reached $71.52 a barrel, down by $0.15 (-0.21 percent). The price for Opec Basket was recorded at $75.09 a barrel with an increase of 5.15 percent, Arab Light was available at $77.20 with 2.65 percent decrease, and the price of Russian Sokol reached $77.85 with an increase of 2.83 percent. The US shale producers have been disappointed with the Biden administration’s policies regarding the oil and gas industry for nearly a year now, and they voiced their disappointment at the World Petroleum Congress in Houston.