Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, according to Reuters.
Brent crude slid $2.63, or 3.3%, to $76.13 a barrel by 11:11 a.m. EST (1611 GMT), while U.S. West Texas Intermediate crude futures lost $2.94, or 4%, to $70.87 a barrel.
Both contracts climbed more than 2% in the first week of 2024.