World oil prices gave back some of last week's gains on Monday (Tuesday morning GMT ) , decreased at the beginning of a short week due to the Christmas holiday .
The benchmark U.S. light sweet crude or West Texas Intermediate ( WTI ) for February delivery fell 41 cents to 98.91 dollars a barrel on the New York Mercantile Exchange , AFP reported .
European benchmark , Brent crude for February delivery fell 21 cents to 111.56 dollars per barrel in London trade .
U.S. oil prices rose 2.8 percent last week driven improvement in U.S. economic data and the continuing blockade for months at terminals is important in Libyan oil exports .
" We had a great hike last week , " said Andy Lebow , senior vice president for energy derivatives at Jefferies Bache . " We give back some of the gains in thin volumes . "
Many traders were on vacation on Monday , due to the Christmas holiday , which will close the U.S. market on Tuesday morning and throughout Wednesday. WTI trading volume was 62 percent below average on Monday afternoon , said Lebow .
Analysts said sentiment towards crude oil is still quite positive given the expectations of better demand by increasing economic and disruption in Libya .
In recent days , the market also has begun to fixate on South Sudan , where fighting has intensified over the past week in the ethnic conflict and political dimensions .
The UN Security Council will hold emergency consultations on the situation in Southern Sudan on Monday afternoon , said the French mission to the world body .
The oil companies have evacuated their employees after the deaths of at least five South Sudanese oil workers last week .
On Sunday , Mayen Dut , South Sudan's ambassador to Sudan , told AFP that oil production is not affected by the dispute .
South Sudan situation " does not underscore the play there is a lot of political pressure , " said Carl Larry , president of consulting firm Oil outlooks and Opinions .
" It's never over," said Larry . " We are never at peace . "
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