Oil prices fell further on Monday, pulled down by an expectation that the cartel of oil producing countries, OPEC and its allies will increase supplies.
Brent crude futures, the international benchmark for oil prices, were at $73.05 cents per barrel at 0036 GMT, down 39 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate crude futures were at $64.24 cents a barrel, down 82 cents, or 1.3 percent, from their last settlement.
The drops came after crude futures fell around 3 percent on Friday, hurt by concerns about rising output and a U.S-China trade row.
The producer cartel of OPEC, which is de-facto led by Saudi Arabia, and some allies including Russia have been withholding output since the start of 2017. Producers will meet in Vienna on June 22 to decide forward production policy.
Also looming over markets is the threat by China to impose a levy on U.S. oil imports in response to announcements by Washington of new import sanctions on China, in what many analysts say could be a serious trade stand-off between the world’s biggest two economies.
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