Oil starts the week on back foot on lingering oversupply concerns

Oil starts the week on back foot on lingering oversupply concerns

On Monday, crude declined because ongoing worries over a global supply glut put pressure on market sentiment.

September delivery West Texas Intermediate crude futures lost 0.1%. The benchmark decreased to its lowest value in nearly two-and-a-half weeks being worth at $47.98 in the previous trading session.

Meanwhile, October delivery crude futures inched down 0.2% in London, hitting $52.00 a barrel.

On Friday, crude prices settled higher, still concluding the week with a loss.

The previous week WTI sank 1.5%, while Brent went down 0.6%, amid signs that OPEC members stepped up output in July notwithstanding the current pact to cut output.

As the International Energy Agency states, OPEC's compliance with the output cuts had dropped to 75% the previous month, which is the lowest outcome since the deal burst out in January.

On Friday, oilfield services company Baker Hughes reported that its weekly count of crude rigs operating in America ascended by three rigs to 768 the previous week.

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