The price of Brent crude declined below $100 a barrel for the first time since June 2013, amid slow economic growth in the US and China.
Reuters reported that Brent declined 33 cents to $99.87 a barrel while US crude increased 14 cents to settle at $92.80.
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The expectations of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) come as Gulf Arab oil ministers are scheduled to gather on Thursday in Kuwait for a yearly meeting, which may include talks about the oil prices.
According to the news agency, top OPEC exporter Saudi Arabia and other OPEC members favour oil at $100 and prices are currently under pressure because of ample supplies. Some OPEC delegates believe the lower prices are only a short term solution.
A preliminary Reuters analysts’ survey found that US crude oil stocks likely declined by 1.5 million barrels in the week to 5 September.
The American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA) are scheduled to unveil weekly inventory reports on Tuesday and Wednesday.
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By GlobalDataThe Parliament of Iraq has given its approval for a new government led by Prime Minister Haider al-Abadi in order to save the country from collapse.
Meanwhile, Libya’s National Oil Corp said on Monday that oil production has increased to 740,000 barrels per day after the re-opening of various oil export ports.
The European Union has adopted new sanctions against Russia over the Ukraine crisis.
