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International benchmarks for oil prices dropped on Monday (22 August) due to stronger US dollar and the revived expectation for higher production output in Nigeria and Iraq. Indeed, the rebel groups in Nigeria has come with a conditional ceasefire and agreed to hold talks with the country's government following months of attacks on key oil and gas facilities. Meanwhile, Iraq signaled a likely increase in output from Kirkuk's oil fields by about 150,000 barrels/day under a deal between the region and the country's new oil minister.

WTI closed at $47.05/barrel (-$1.47) September delivery

Brent closed at $49.16/barrel (-$1.72) October delivery