Oil prices slid on Monday, breaking below technical support levels as investors kept selling on growing U.S. production, possible global supply growth and nagging trade tensions.
U.S. light crude ended Monday's session down $1.06, or 1.6 percent, to 64.75 a barrel, its lowest closing price since April 9. Last week, the U.S. contract lost around 3 percent, adding to a near 5-percent decline from a week before.
"We are breaking key levels of support now," said Phillip Streible, analyst at RJO Futures in Chicago. "Once we started taking out $65.50 or so, it really started to accelerate. People are not really believing that the rally will continue," he said.
Benchmark Brent crude lost $1.50, or 2 percent, settling at $75.29, its weakest closing prices in nearly four weeks.