Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the U.S.
Benchmark Brent crude oil fell 1.24 dollars a barrel to a low of $77.99 before recovering to $78.40, down 83 cents, by 7.35 GMT. U.S. light crude was 50 cents lower at 73.65 dollars. Oil prices rose strongly in June, with the U.S. crude contract hitting its highest in years at 74.46 dollars .
Saudi Arabia’s output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016. Russian output rose to 11.06 million bpd in June from 10.97 million bpd in May, the Energy Ministry said earlier this week.