Oil prices fall 3% due to increased global supplies
Oil prices tumbled nearly 3 percent in the weekend, after US and OPEC exports rose to the highest level this year, casting doubt on producers' efforts to reduce supply oversupply in world markets.
Brent crude fell $ 1.40, or 2.9 percent, to $ 46.71 a barrel after falling to $ 46.28, the weakest level in more than a week.
The benchmark crude fell for the sixth week in the past seven weeks as WTI fell 3.9 percent on a weekly basis, while Brent fell 2.5 percent.
Russia, which is cooperating with OPEC in a deal to cut output, said it was ready to consider reviewing the deal if needed.
The oil-producing countries, which are monitoring the deal on July 24, are expected to meet in Russia, where they will try to recommend amending the deal.
At the same time, low oil prices seemed to deter US producers as companies increased the number of oil drilling platforms by seven platforms, according to energy services firm Baker Hughes to number 763 excavators, the largest since April 2015.
US oil production rose 1 percent to 9.34 million bpd last week, after a drop in the previous week, US government data showed on Thursday.
EU: We will respond to America if punitive measures are imposed on steel
European Commission President Jean-Claude Juncker said at the G-20 summit in Hamburg that the EU would respond to the United States if it imposed punitive tariffs on steel.
Adding that the new trade agreement between the EU and Japan, signed last Thursday, shows that the Europeans are not putting a "wall of protection".
Juncker and UNHCR officials declined to give details on how they would react if Washington imposed new steel quotas or fees, which European leaders say will be unjustified and represent a punishment for US allies in response to an abundance of supplies in global steel markets, Large ones from China.
"We will have a dialogue instead of excess capacity (energy) rather than protection against steel imports from other parts of the world," a UNHCR spokeswoman said.