Oil fell for a second day on Monday as rising U.S. output, a weaker physical market and recent dollar strength added to the pressure from a widespread decline across equities and commodities markets.
U.S. West Texas Intermediate (WTI) crude finished Monday's session down $1.30, or 2 percent, to $64.15, slipping further from a roughly three-year intraday high of $66.66 set on Jan. 25.
Brent crude futures fell to session lows, dropping $1, or 1.5 percent, to $67.58 a barrel by 2:29 p.m. ET. The contract was trading near its lowest level since early January.
"We're definitely starting to raise some serious red flags, especially in the $67 area for Brent. If we can get a bounce off that area, that would suggest to us we have the possibility to work higher, but it would suggest the sideways consolidation period could continue," said Brian LaRose, technical analyst at United-ICAP.
Friday's U.S. jobs report that showed the fastest wage growth in nearly nine years exacerbated a broader market sell-off that was already under way as Wall Street stocks backed off record highs, and a rising dollar dented commodities.