Oil prices fell about 3 percent on Monday, weighed by a rallying dollar and continued market uncertainty over Britain's shock vote to exit the European Union.
Brent and U.S. crude futures have lost about 7 percent since Thursday's settlement after the so-called Brexit vote sent global risk assets plummeting on Friday as investors fled to safe havens such as the dollar, U.S. Treasuries and gold.
Analysts at Goldman Sachs and other research houses sought to allay fears over the impact of the EU crisis on oil specifically, pointing out that Britain's demand for fuel is negligible at the global level.
Oil prices rose slightly early on Monday on some of that sentiment, before slipping again. Market intelligence firm Genscape's report of a draw of more than 1.3 million barrels at the Cushing, Oklahoma, delivery point for U.S. crude futures provided little support.