Oil prices extended their losses on Monday due to expectations of increased OPEC+ production starting in October and as signs of sluggish demand in China and the United States, the world's two largest oil consumers, raised concerns about future consumption growth.

Brent crude oil futures fell by 61 cents, or 0.8%, to $76.32 per barrel at 04:50 GMT, while American West Texas Intermediate crude oil fell 52 cents, or 0.7%, to $73.03 per barrel.

These losses follow a 0.3% drop in Brent last week and a 1.7% drop in WTI.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are expected to increase oil production starting in October, six sources from the producer group told Reuters.

Eight OPEC+ members are expected to increase production by 180,000 barrels per day (bpd) in October, as part of a plan to start dismantling their latest round of 2.2 million bpd production cuts while keeping the other cuts in place until the end of 2025.

Brent and WTI have both recorded losses for two consecutive months, as concerns about American and Chinese demand have surpassed recent disruptions in Libyan oil supplies due to a conflict between that country's government factions and tensions in the main producing region of the Middle East have exceeded recent disruptions in Libyan oil supplies due to a conflict between that country's government factions and tensions in the main producing region of the Middle East. Orients linked to the conflict between Israel and Gaza.

In the United States, oil consumption slowed in June to the lowest seasonal levels since the 2020 coronavirus pandemic, according to Energy Information Administration data released on Friday.