Brent crude and US crude futures were pulled down by a rise in crude inventories, as well as slowing economic growth in Asia.
Brent crude futures fell 28 cents, or 0.4%, to $73.93 per barrel, while US crude futures slipped 41 cents, or 0.6%, to stand at $68.35, Reuters reported.
The contracts continued their declines after Brent fell 1.8% in the previous session and US crude futures went down about 2% on 31 July.
The monthly price decreases for Brent and US crude futures stood at 6% and 7% respectively.
Data released by the American Petroleum Institute (API) showed that US crude stockpiles jumped 5.6 million barrels for the week ending 27 July, defying expectations for a fall of 2.8 million barrels.
AxiTrader chief market strategist Greg McKenna said: “The API data this morning knocked the market lower. But it had already been under pressure after Brent failed to hold the push back up into the old one-year uptrend it broke out of in past months.”
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McKenna also stated that Brent is likely to decline to as low as $71 per barrel before being supported, while US crude ‘has a $2-$4 fall as a strong possibility over the next week or so’.
Prices were also affected by slowing economic growth in Asia due to escalating trade tensions between the US and China.
Last month, the two countries imposed duties on $34bn of each other’s goods. The US is expected to announce tariffs on $16bn in Chinese goods this month.
The government also intends to propose 25% tariffs on an additional $200bn imports, which is more than the 10% initially announced.