Both international and U.S.-based crude oil benchmarks traded lower on Monday after clinching their second straight monthly loss in July as recession fears have weighed on commodity prices.
Support near the previous low around $93 a barrel for WTI "is likely to be tested again this week as selling interest comes to the market. The oil complex is stalling on recession fears and news that Libya's oil output increased," said Brian Swan, senior commodity analyst at Schneider Electric, in a note.
Oil traders were focused on the upcoming meeting of the Organization of Petroleum Exporting Countries and its allies -- a group known as OPEC+. The meeting is set for Wednesday.
"With the previous agreement having expired as the group has theoretically unwound all of the pandemic production cuts, attention will now shift to how OPEC+ plans to actually hit those targets and whether any further increases will be announced going forward," wrote Craig Erlam, a senior market strategist at OANDA, in a note on Monday.
