Oil prices fell early on Monday as investors waited for officials from OPEC and other major producers to meet this week on supply adjustments.
Brent crude futures were down 63 cents, or 0.6%, at $102.83 a barrel. US West Texas Intermediate crude also fell to $97.27 a barrel, down 75 cents, or 0.7%.
Both crudes rose more than $2 a barrel last Friday as investors' appetite for risk improved. However, Brent and West Texas Intermediate ended July with second consecutive monthly losses for the first time since 2020, as rising inflation and higher interest rates heightened fears of a recession that could erode fuel demand.
Analysts in a Reuters poll for the first time since last April cut their forecast for average Brent prices in 2022 to $105.75 a barrel and $101.28 for West Texas Intermediate crude.
The Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia, will meet in a group known as (OPEC +), next Wednesday; To decide on September production.
Two sources in (OPEC +) told Reuters that a modest increase for the month of September will be discussed at next Wednesday's meeting, while other sources said that production is likely to remain flat.
The meeting follows US President Joe Biden's visit to Saudi Arabia last month.
The beginning of August sees (OPEC +) completely abandoning record production cuts since the outbreak of the (Covid-19) pandemic in 2020.
