Ammon News - Oil prices traded in a tight range on Monday as worries about rising output and the impact of U.S. tariffs on demand offset supply disruptions stemming from intensified Russia-Ukraine airstrikes.

Brent crude fell 30 cents, or 0.44%, to $67.18 a barrel by 0500 GMT, while U.S. West Texas Intermediate crude was at $63.73 a barrel, down 28 cents, or 0.44%. Trading is expected to be muted due to a U.S. bank holiday.

Brent and WTI crude posted their first decline in four months in August, down 6% or more on OPEC+ supply concerns.

Investors are eyeing the September 7 meeting between members of the Organization of the Petroleum Exporting Countries and their allies for further supply cues.

Meanwhile, U.S. crude oil production hit a record high in June, rising 133,000 barrels per day to 13.58 million bpd, according to data released by the Energy Information Administration on Friday.

A U.S. labor market report this week will give a crucial read into the economy's health and test investors' confidence that interest rate cuts are coming soon, a view that has lifted their appetite for riskier assets such as commodities.

Reuters