Oil prices dropped on Monday, driven by increasing Russian production and the highest US drilling activity in more than three years and supported by concerns over future Iranian and Venezuelan output, Reuters has reported.
Analysts expect higher US output to offset supply limits by the Organization of Petroleum Exporting Countries (Opec), which have been in place for 18 months and have pushed up prices significantly over the last year.
Benchmark Brent crude LCOc1 was down 15 cents at $76.31 a barrel by 9.15am GMT. US light crude CLc1 was 10 cents lower at $65.64.
The number of new rigs drilling for oil in the United States rose by one last week to 862, its highest since March 2015, data from energy services firm Baker Hughes showed.
That implies US crude output, already at a record high of 10.8 million barrels per day (bpd), will rise further.