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Falling oil prices due to increased production of OPEC and America
Oil prices fell on Monday, fueled by increased supplies from OPEC and the United States, defusing concerns that a fall in Iran's output would affect markets as US sanctions tightened in November.
Brent crude was $ 77.43 a barrel, down 21 cents, or 0.3 percent below the previous settlement price.
West Texas Intermediate crude was $ 69.62 a barrel, down 18 cents, or 0.3 percent, from the previous settlement price.
OPEC production rose 220,000 bpd in July and August to a record high of 32.79 million bpd in 2018, a Reuters survey showed.
Increased production boosted Libya's recovery while southern Iraq's exports hit a record high.
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