Crude oil prices dropped on Monday, following expectations of higher supply and weaker demand.
Brent crude futures fell by 0.7%, reaching 58 cents, or to $81.59 a barrel at 01:51 a.m.
West Texas Intermediate fell 58 cents, or 0.7%, reaching $80.21 a barrel.
Oil markets have seen a drop over the past three weeks, spurred by the impact of the dollar’s rise and speculation that the administration of President Joe Biden may release oil from the US Strategic Petroleum Reserve to lower prices.
Most recently, The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report that it will keep raising its supply forecast from U.S. shale producers next year in order to balance the market as well as recover from the outbreak of the COVID-19 pandemic, according to Reuters.
OPEC added the timeline for a return to normal like the pre-pandemic levels of oil use will take place until later in 2022.
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