Black commodity prices continued to trade under pressure at the beginning of the week with concerns over weak global oil demand continuing to plague the market.
During the European session, US WTI crude futures traded lower at around $ 39.90 a barrel, while Brent crude declined at $ 41.61 a barrel.
Brent crude oil and the US WTI are now seen heading for their first loss since April following the reinstatement of coronavirus restrictions in several countries that have weakened the prospect of recovery in demand for fuel.
In addition, black gold prices also received pressure from Iran and Libya to increase their crude oil exports although OPEC and its allies continued to work to limit production to help balance the market.
Production by Libya is reported to have tripled to 250,000 barrels a day since part of restrictions on the country's energy facilities were lifted.
Following that, Russian Energy Minister Alexander Novak said that the recovery of the oil market is expected to take longer and gradually.
