U.S. benchmark WTI crude slipped to $56.2 a barrel after the close of trading on Monday. Brent crude, the global benchmark, edged closer to the $60 mark. Daily losses stood at around 0.8%, according to data from Investing.com.
The oil market is heading toward an annual decline amid expectations of a global supply surplus. This is driven both by OPEC+ plans to restore production and by rising output in non-OPEC countries.
