Oil prices fell about 2 percent on Monday, with U.S. crude touching its lowest level in nearly two months, breaking below technical support levels as investors kept selling amid growing U.S. production, possible global supply growth and nagging trade tensions.
Brent crude futures LCOc1 lost $1.50 a barrel, or 2 percent, to settle at $75.29 a barrel. U.S. crude CLc1 ended $1.06, or 1.6 percent, lower at $64.75 a barrel, after earlier touching $64.57, its lowest since April 10.
“We are breaking key levels of support now,” said Phillip Streible, analyst at RJO Futures in Chicago. “Once we started taking out $65.50 or so, it really started to accelerate. People are not really believing that the rally will continue,” he said.