Expectations of increased supply and weak demand led to a decline in crude oil prices on Monday.
According to Arabiya Net, Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, while US West Texas Intermediate crude fell 58 cents or more. 0.7% to $80.21 a barrel.
Both markets witnessed a decline during the past three weeks, as a result of being affected by the rise in the dollar and speculation that the administration of President Joe Biden may release oil from the US Strategic Petroleum Reserve to reduce prices.
ANZ analysts said in a report that the White House is discussing how to tackle rising inflation, with some officials calling for the use of the strategic reserve or halting US exports.
US energy companies this week increased the number of oil and natural gas rigs for the third week in a row, as crude oil prices hovered near their highest level in seven years, causing It prompted some mining companies to return to drilling.
Baker Hughes Energy Services said Friday that the number of oil and gas rigs, an early indicator of future production, increased 6 to 556 over the week ending 15 November, hitting its highest level since April 2020.
At the same time, the Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for global oil demand for the fourth quarter, by 330,000 barrels per day, compared to last month's forecast, after it impeded a rise in Energy prices economic recovery from the Covid-19 pandemic.
