With investors evaluating increased OPEC+ production from October against a significant decline in Libyan supply despite weak demand in China and the US, the two largest oil users in the world, oil prices continued to decline on Monday.
U.S. West Texas Intermediate crude dropped 50 cents, or 0.7%, to $73.05 a barrel, while Brent crude futures slid 57 cents, or 0.7%, to $76.36 a barrel.
The losses come after last week’s 1.7% dip for WTI and 0.3% decline for Brent.
In October, eight members of OPEC+ are expected to increase their output by 180,000 barrels per day as part of their plan to start removing their most recent layer of output restrictions, which amounted to 2.2 million barrels per day, while maintaining additional cuts through the end of 2025.
