Oil prices fell by about 1 percent on Monday into a seven-month low as production of crude oil in the United States was still on the rise. Libya and Nigeria’s not collaborating with OPEC-led efforts to lower global supply also had a negative effect on the performances of the black gold.
Brent Crude futures for august went lower by another 46 cents (which equal 1 percent) and sold at $46.91 per barrel. This is the lowest price since Nov. 29, just before OPEC agreed to cut its output for the first six months of 2017.
The U.S. West Texas Intermediate Crude futures for July dropped by 54 cents or 1.2 percent closing at $44.20 per barrel, the lowest close since Nov. 14.
U.S. Stocks closed higher on Monday as Technology stocks were able to resurge after showing weak performances last week.
The Dow Jones Industrial Average was up by 140 points hitting a new record high that surpasses the previous all-time high of 21,391,97 which was obtained last week.
The S&P 500 gained 0.8 percent also indicating a record high with information technology rising by 1.4 percent to lead the gains for the index. The Nasdaq Composite was bullish as well rising by 1.65 percent.