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International benchmarks for oil prices continue to move lower on Monday (11 July) as market renewed concern over the state of supply condition. Last week, Baker Hughes reported a rise in the number of active drilling rigs in the United States by 10, marking the fifth gain in six weeks. Analysts said that the decline in US production could be nearing a turning point if drilling rigs continue to increase. Besides, production in Nigeria and Libya is also rebounding from recent outages while output from Saudi Arabia and Iran, sent OPEC production surging by 300,000 barrels a day to nearly an eight-year high of 32.7 million barrels a day, according to WSJ.

WTI closed at $44.76/barrel (-$0.65) August delivery

Brent closed at $46.25/barrel (-$0.51) September delivery