The majority of oil prices drop in the market after having immense pressure from the rising supply concerns. Both the United States and European oil drops in the market as the global oil supply report increasing number of supply.
The West Texas Intermediate crude was the first to drop some figures in the market after the holiday on the previous session. On the other hand, the Brent futures managed to hit a tremendous increase despite the holiday rush.
Furthermore, the announcement from Saudi Arabia and Russia also weighted the oil prices on the previous session. Both of the powerhouse countries announced their intent to increase their oil production as the United States continues with their rapid and increasing production rate.