Brent crude dipped towards $102 a barrel on Monday as ample supply and a stronger US dollar continued to pressure oil markets.
Geopolitical tensions in Ukraine and Libya underpinned prices, but did little to push them higher in the absence of any supply disruptions.
Geopolitical tensions in Ukraine and Libya underpinned prices, but did little to push them higher in the absence of any supply disruptions.
Brent crude, which has fallen for the past two weeks, extended losses to fall 11 cents to $102.18 a barrel by 0442 GMT.
US crude for October delivery was at $93.54 a barrel, down 11 cents after technical issues delayed a scheduled start on CME's Globex platform. Last week, US oil posted its fifth straight weekly loss.
US crude for October delivery was at $93.54 a barrel, down 11 cents after technical issues delayed a scheduled start on CME's Globex platform. Last week, US oil posted its fifth straight weekly loss.
Weak demand and healthy oil production across the globe have helped created a supply glut in the Atlantic Basin, pushing Brent into its longest contango since early 2011, Morgan Stanley analysts said in a note.
In a contango market, the prompt oil price is lower than those in future months, reflecting weak spot demand.
In a contango market, the prompt oil price is lower than those in future months, reflecting weak spot demand.
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