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Monday's fall adds to a 2% decline last week after the supply
cuts announced on Thursday by the Organization of the Petroleum
Exporting Countries (OPEC) and allies including Russia, together
known as OPEC+.
Brent crude futures were down $1.10, or 1.4%, at $77.78 a barrel
by 0921 GMT. U.S. West Texas Intermediate crude futures fell
$1.09, or 1.5%, to $72.98.
"Crude seems to be under continued pressure from the OPEC+
decision," said Vandana Hari, founder of oil market analysis
provider Vanda Insights.
The OPEC+ cuts were voluntary in nature, raising doubts about
whether or not producers would fully implement them. Investors
were also unsure about how the cuts would be measured.
Sluggish global manufacturing activity also weighed on prices.
The latest data implies strong economic headwinds that reinforce
concerns about oil demand growth, said Tamas Varga of oil broker
PVM.
Geopolitical considerations were back in focus as fighting
resumed in Gaza. Three commercial vessels came under attack in
international waters in the southern Red Sea, the U.S. military
said on Sunday.
Elsewhere, Western countries have stepped up efforts to enforce
the $60 a barrel price cap on seaborne shipments of Russian oil
imposed to punish Moscow for its war in Ukraine.
Washington on Friday imposed additional sanctions on three
entities and three oil tankers.
(Reporting by Mohi Narayan and Florence TanEditing by David
Goodman)
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