The North Sea crude, a European benchmark, ended the session on the Intercontinental Exchange trading 32 cents below the $65.94 at which it closed transactions on Friday.
Oil started the week lower, impacted by investor concerns over a potential new announcement of increased production by the OPEC+ group, which will meet this week.
OPEC+ includes members of the Organization of the Petroleum Exporting Countries and allies like the Russian Federation.
The possibility of this production increase overshadowed hopes for a trade agreement between the U.S. and China.
Donald Trump and Chinese President Xi Jinping are expected to meet on Thursday, aiming to negotiate a deal to reduce trade tensions following Trump’s new tariff policies and Beijing’s response.
Additionally, investors are monitoring developments on the actual effectiveness of U.S. sanctions against major Russian oil companies and their potential effects on global supply.
