Oil prices kicked off the week's trading with losses as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC's production cutbacks and U.S. sanctions on Iran and Venezuela.
Brent crude oil futures were at $66.79 per barrel at 0022 GMT, down 29 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) futures were at $58.68 per barrel, down 37 cents, or 0.6 percent, from their last settlement.
The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia, together referred to as ‘OPEC+', have pledged to withhold around 1.2 million barrels per day (bpd) of oil supply this year to prop up 'markets, with OPEC's de-facto leader seen to be pushing for a crude prices of over $70 per barrel.
Source : Reuters