Brent falls more than 1%, WTI crude slips below $74

Oil rigs

Oil prices declined on Monday in light of the uncertainty about the future production policy of OPEC+ and ahead of US decision on exploration activity.

In the US, the Joe Biden administration is preparing to release a blueprint for limiting sales of US drilling rights, in compliance with environmental standards, Bloomberg reported, noting that a decision is expected within weeks.

In terms of trading, the international benchmark Brent crude was down 1.4% at $74.53 per barrel, at 12.20 pm Makkah time.

WTI crude fell 1.4% to $73.55 per barrel.

“Uncertainty has enveloped the market in the wake of OPEC’s stalemate over future production increases,” Reuters reported, citing ANZ analysts.

OPEC’s monthly production report is expected later this week.