The world's top oil producers are set to meet at the end of this week and markets are paying close attention.
Analysts expect members of the Organization of the Petroleum Exporting Countries and other exporters, such as Russia, to make a decision on easing output limits that were put in place last year. The existing agreement has curtailed output by 1.8 million barrels per day.
Oil prices slumped ahead of the meeting, which will take place on June 22 in Vienna, amid investor expectations of an increase in output. Both Saudi Arabia and Russia have expressed support for hiking output, although other exporters have indicated a preference for curbs to stay in place.
Aside from the highly anticipated meeting, markets have also had to contend with the threat of a trade war between the world's two largest economies. The U.S. on Friday announced it would impose tariffs on $34 billion worth of Chinese goods starting from July 6, and China swiftly announced it would retaliate.
Brent crude futures extended losses seen last week to trade around the $72.60 per barrel level and U.S. crude futures sank almost 2 percent to trade under the $64 handle as of Asia afternoon trade on Monday.
— CNBC's Tom DiChristopher contributed to this report.