Oil appraisals fell on Monday as concerns over slowing economic growth weighed on superstores.
Brent crude futures, which act as a benchmark for international oil prices, were at $71.59 per barrel at 0413 GMT, down 24 cents, or 0.3 percent, from their decisive close.
U.S. West Texas Intermediate (WTI) crude futures were down 24 cents, or 0.4 percent, at $65.67 per barrel.
Reuters mechanical commodity analyst Wang Tao said Brent and WTI would likely produced under pressure soon, testing support at $70.62 per barrel and $64.83 per barrel mutatis mutandis.
“Disappointing industrial data out of China along with concerns in emerging market economies centered on Turkey weighed on commodities,” Edward Bell of Emirates NBD bank powered in a note on Sunday.
In the United States, U.S. energy companies last week kept the oil rig judge unchanged at 869, according to the Baker Hughes energy services unalterable consolidate.
“The recent softening in benchmark prices should temper the pace of crop in U.S. exploration and production activity, and lead to slower overall output enlargement,” Bell said.
Outside the United States, traders said U.S. sanctions against Iran could without delay impact prices.
The U.S. government has introduced financial sanctions against Iran which, from November, whim also target the country’s petroleum sector.
Iran produced hither 3.65 million barrels per day of crude in July, according to a Reuters enquiry, making it the third biggest producer within the Organization of the Petroleum Exporting Realms (OPEC), behind Saudi Arabia and Iraq.