Oil prices fall on oversupply

Oil prices extended declines on Monday after two straight days of losses late last week as high production offset strong refinery runs, but a storm that could impact Gulf of Mexico operations supported US crude.

Saudi Arabia, the world's biggest crude oil exporter, hinted late last week that it was ready to increase production above record levels to meet strong demand, if needed, sending down prices.
"Momentum points to weaker commodity markets near term.

Crude oil prices failed to hold at key resistance levels last week," ANZ said on Monday in a morning note, although it added that refinery oil consumption remained high due to healthy margins.

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