Oil extends losses on prospect of higher OPEC+ supply

Oil prices dropped on Monday as investors considered the impact of higher OPEC+ production in October against reduced output from Libya. Brent crude fell 0.7% to $76.36 a barrel, while U.S. West Texas Intermediate also declined 0.7% to $73.05 a barrel. Economic concerns in China and the U.S. continue to influence market sentiments.