Oil prices slid on Monday, with US crude futures dropping to their lowest since April 10, breaking below technical support levels as investors kept selling on growing US production, possible global supply growth and nagging trade tensions.
Benchmark Brent crude oil lost $1.10 a barrel, or 1.4 per cent, to $75.69 a barrel by 12:00 pm (1600 GMT) US light crude was down 80 cents, or 1.2 per cent, at $65.01 a barrel.
"We are breaking key levels of support now," said Phillip Streible, analyst at RJO Futures in Chicago. "Once we started taking out $65.50 or so, it really started to accelerate. People are not really believing that the rally will continue," he said.
US crude production climbed in March to 10.47 million barrels per day (bpd), a monthly record, data from the Energy Information Administration showed last week.
US drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, energy services company Baker Hughes said on Friday. That was the eighth time drillers have added rigs in the past nine weeks
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