Ammon News - Oil prices extended losses on Monday on expectations for higher OPEC+ production starting in October and as signs of sluggish demand in China and the U.S., the world's two largest oil consumers, raised concerns about future consumption growth.

Brent crude futures fell 56 cents, or 0.7%, to $76.37 a barrel by 0646 GMT while U.S. West Texas Intermediate crude slipped 45 cents, or 0.6%, to $73.10 a barrel.

The losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI.

The Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.


Both Brent and WTI have posted losses for two consecutive months as the U.S. and Chinese demand concerns have outweighed recent disruptions in Libyan oil supply amid a dispute between government factions there and the tensions in the key Middle East producing region related to the Israel-Gaza conflict.

Reuters