Brent crude dropped 0.23 percent to $72.53 a barrel at 5:25 p.m. Riyadh time. WTI, the US crude benchmark, was 0.45 percent lower at $68.43 a barrel.
Other news:
Hurricane Ida knocked nearly all of the oil production in the Gulf of Mexico region
The Federal Trade Commission will seek to deter "unlawful" mergers in the oil and gas industry and crack down on practices that may be harming consumers at the gasoline pump, FTC Chair Lina Khan told the White House in a letter last week.
Production losses -including at six Gulf Coast refineries - will lift retail gasoline prices by 5 to 10 cents a gallon, tracking firm GasBuddy said.
The Abu Dhabi National Oil Co. (ADNOC) plans to keep crude allocation reductions for current customers at 5 percent in November. Read more
OPEC+ is set to ignore calls from the U.S. and stick to its planned modest production increase, according to Reuters. Read more
The 400,000 bpd increase in oil output agreed by OPEC+ nations in previous gatherings might be reconsidered at its next meeting on Sept. 1, Reuters reported on Sunday, citing Kuwait’s oil minister.
